Pakistan briefs Saudi side on privatization of PIA, major airports
Federal Minister for Finance and
Revenue Muhammad Aurangzeb briefed his Saudi counterpart Mohammed Aljadaan on
Pakistan’s accelerating privatization drive, highlighting ongoing efforts to
divest Pakistan International Airlines (PIA) and key airports. He reaffirmed
the government’s focus on attracting strategic foreign investments through
transparency and efficiency.
The meeting took place on the
sidelines of the IMF–World Bank Annual Meetings in Washington DC, according to
a statement issued by the Finance Division on Thursday.
Read More Privatizations
of flag carriers in subcontinent: Challenges and Opportunities
Aurangzeb noted that the PIA privatization process has entered its final stages, with the government aiming to conclude the sale by end-2025 as part of a broader restructuring plan. The transaction, under PIA Holding Company, would represent Pakistan’s first major privatization in nearly two decades, aligning with commitments under the IMF’s bailout program to reform loss-making state enterprises.
Both ministers also reviewed the
expanding trade and investment partnership between Pakistan and Saudi Arabia.
Aurangzeb reiterated Islamabad’s commitment to economic reforms under the IMF
program to secure long-term macroeconomic stability.
The discussion followed the IMF’s
staff-level agreement (SLA) with Pakistan, reached on Wednesday, which awaits
approval by the IMF Executive Board. Once approved, Pakistan will receive a
$1.2 billion disbursement.
Read More Government
to ensure job preservation of PIA employees after privatization
Aurangzeb and Aljadaan further agreed on the potential role of institutions such as the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) in mobilizing and de-risking private sector investments in Pakistan.
Concluding the meeting, Aurangzeb
sought Saudi support for infrastructure development projects, underscoring
Pakistan’s commitment to deepening its economic partnership with the Kingdom of
Saudi Arabia.
Source: Business Recorder