Standing Committee of the National Assembly has been informed that evaluation process will be completed by September
ISLAMABAD: (UrduPoint/Pakistan Point News-August 26th, 2024) The Standing Committee on Privatization on Monday proposed that the bidding for the privatization of Pakistan International Airlines (PIA) be held on October 1, 2024.
During the meeting, chaired by Member of the National Assembly Farooq Sattar, Secretary of the Privatization Division Jawad Paul briefed the committee on the PIA privatization process. He revealed that the decision was made to conduct the privatization of PIA on October 1, 2024.
The committee was informed that evaluation process would be completed by September.
During the briefing, it was disclosed that PIA incurred a loss of Rs500 billion over the past eight years, with a loss of Rs80 billion in the last fiscal year alone.
The PIA’s total liabilities currently stand at Rs825 billion.
The officials from the Privatization Division informed the committee that no international company showed any interest in PIA's privatization.
Committee member Sehar Kamran responded by saying that if global companies are not investing, the Special Investment Facilitation Council (SIFC) should be shut down.
In the meeting, Secretary Jawad Paul suggested that PIA employees could be retained for three years following the privatization, after which they would be offered packages for retirement.