Committee established to expedite privatization of Pakistan
International Airlines (PIA)
Committee established to expedite privatization of Pakistan
International Airlines (PIA)
The Cabinet Committee on Privatization (CCoP) convened on
Wednesday and established a technical committee to address obstacles in the
privatization of Pakistan International Airlines (PIA). The CCoP directed the
Ministry of Aviation to collaborate with the Privatization Commission to
formulate a comprehensive action plan with a clear timeline.
Government
rejects PIA's Rs23 billion bailout request
The inaugural meeting of the CCoP was presided over by Caretaker
Federal Minister for Finance, Revenue, Economic Affairs, and Privatization, Dr.
Shamshad Akhtar. During the meeting, the Secretary of the Privatization
Commission (PC) provided a comprehensive update on the status of the active
privatization program for the confirmation of the newly constituted CCoP.
The secretary also briefed the meeting on issues related to the
privatization of financially challenged State-Owned Enterprises (SOEs),
including the Heavy Electrical Complex, Services International Hotel, Pakistan
Steel Mills, HBFCL, Roosevelt Hotel (NY), Pakistan International Airlines
(PIA), RLNG Power Plants, and 10 Discos (Distribution Companies), among others.
Pakistani
Aviation Minister calls for privatizing PIA to prevent projected losses of
Rs259 billion
The Chair emphasized the importance of expediting the
privatization process of loss-making SOEs to enhance efficiency, productivity,
and overall revenue for the country.
Regarding the privatization and restructuring of PIA, the CCoP
decided to establish a technical committee to address the challenges and
instructed the Ministry of Aviation to collaborate with the Privatization
Commission in devising a detailed action plan with a specific timeline.
Similarly, the CCoP formed a committee led by the caretaker
Minister for Energy to present a feasible plan, along with a timeline,
regarding private sector involvement in the management of Distribution
Companies (Discos). The committee comprises the Secretary of the Privatization
Commission, Special Secretary of Finance, and a member from NEPRA (National
Electric Power Regulatory Authority). The committee is expected to submit its
recommendations promptly.
Source: Pakistan Today