Business Desk 
Nov 04, 2024
Pakistan's Federal Minister for Privatisation Abdul Aleem Khan stated on Monday that the Pakistan International Airlines (PIA) would not be sold at a low price, even though it faces major financial issues.
He clarified that while selling the national airline is necessary, it must be done at a fair value determined by the Privatisation Commission.
Khan highlighted PIA’s debt, which stands at Rs830 billion. However, from this, Rs600 billion was shifted to a holding company, leaving Rs200 billion on PIA’s balance sheet.
He emphasised that these financial arrangements were set up before he took office, and restructuring the airline is not part of his current role.
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His focus is on finding a buyer that respects the airline’s valuation, and he even invited provincial governments, such as those of Khyber Pakhtunkhwa, Punjab, and Sindh, to purchase PIA if they meet these criteria.
Provincial governments invited to consider PIA purchase
PIA’s privatisation is part of a broader government plan to reduce financial burdens and improve efficiency in several sectors. Khan also mentioned ongoing plans to privatise nine power distribution companies (DISCOs) as part of the government’s focus on increasing efficiency in energy distribution.
In addition, Khan shared revenue goals for the National Highway Authority (NHA). This year, the NHA is expected to grow its revenue from Rs64 billion to Rs110 billion, with a target of reaching Rs500 billion over the next five years.
Khan also outlined recent measures aimed at boosting fiscal responsibility. One such step was the termination of 3,500 jobs in Pakistan Post, a move that reportedly saved Rs2.8 billion.
These actions align with the government’s objective to reduce costs and enhance public sector performance.
