Pakistan International Airlines (PIA) and other national entities face financial deficits amid the privatization process; consequently, they continue to incur losses to the national treasury.
During a press briefing, Abdul Aleem Khan, the Federal Minister for the Investment Board, Privatization, and Communications, articulated that the delayed privatization of PIA has resulted in a substantial fiscal burden, with losses amounting to 850 billion PKR to the national exchequer.
He underscored the acceleration in the privatization efforts of all financially underperforming institutions, ensuring that the process adheres strictly to established rules and regulations. He assured the institutions would not be sold below their value, emphasizing the government’s commitment to maximizing revenue from these sales and handling the process responsibly.
Minister Khan also highlighted the detrimental impact of cancelling previous privatization plans for major entities like Reko Diq, Steel Mills, and PIA itself. After PIA’s privatisation, he announced upcoming privatizations for the First Women Bank, HBFC, and Roosevelt.
Moreover, he disclosed that the next phase of privatization will encompass distribution and power generation companies, including the Agricultural Development Bank, State Life Corporation, and Utility Stores Corporation, all targeted for privatization. The government has involved officials from all relevant departments in planning to ensure a unified strategy.
At a recent Rawalpindi Chamber of Commerce event, Minister Khan declared the government’s commitment to privatize 24 underperforming institutions, with PIA taking precedence. He also confirmed that the government will broadcast the privatization proceedings live to ensure transparency.
