In a bid to enhance transparency, Pakistan International
Airlines (PIA) is considering entrusting its financial affairs to the Privatization
Commission.
The Privatization Commission will assume responsibility for
overseeing PIA's financial operations and take measures to mitigate its losses.
Furthermore, the commission intends to modernize PIA's financial systems,
ultimately bolstering its financial standing and paving the way for potential
privatization.
It has been emphasized that PIA's day-to-day management will
remain under its control, and administrative matters will continue to fall
under the purview of the Ministry of Aviation. Regulatory aspects related to
PIA will remain within the domain of civil aviation. The Privatization
Commission aims to ensure transparency in the institution's financial records
by the deadline of December 31.
World
Bank consults with Pakistani government on PIA privatization strategy
Previously, plans for the privatization of the financially
challenged Pakistan International Airlines were unveiled. The privatization
blueprint includes not only the national airline but also power distribution
companies, along with a restoration plan for Pakistan Steel Mills.
The process of appointing a Financial Advisor for PIA's
privatization has commenced. It has been clarified that PIA's affiliated
entities will not be subject to privatization. However, efforts are underway to
address PIA's debt-related issues and government guarantees.
The Privatization Commission has stated that the current
circumstances do not permit the privatization of Pakistan Steel Mills, but
measures will be taken to enhance the mill's production capacity to attract
potential investors.
Government
fast-tracks PIA privatization amid financial crisis
Significantly, the restructuring plan for the privatization
of Pakistan International Airlines has been expedited. PIA's administration has
invited applications from legal and corporate firms to facilitate the
restructuring process. The goal is to transfer the assets of the national
airline, including properties, debts, aircraft, and employees, to a new entity,
positioning PIA as a debt-free organization for prospective privatization.
Source: ARY News TV