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Wednesday, July 17, 2024  
10 Muharram 1446  

Pakistan to accelerate privatisation of major institutions, including PIA

Finance Minister Aurangzeb says 12 companies have expressed interest in PIA’s privatisation
In this file photo, Pakistan International Airlines (PIA) plane taxies before take-off from Karachi International Airport in Karachi on April 21, 2010. AFP
In this file photo, Pakistan International Airlines (PIA) plane taxies before take-off from Karachi International Airport in Karachi on April 21, 2010. AFP

The government has announced that it will accelerate the privatisation process of major state-owned institutions, including the Pakistan International Airlines (PIA).

In the budget speech on Tuesday, Finance Minister Muhammad Aurangzeb said that the privatisation of national institutions was a key priority for the government.

Along with PIA, various other organisations such as Roosevelt Hotel, House Building Finance Corporation, and First Women Bank would also be privatised.

The finance minister revealed that 12 companies have already expressed interest in the national flag carrier’s privatisation.

The bidding for the national airline is expected to commence in the first week of August 2024. Additionally, the government plans to outsource the management of major airports across the country.

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According to the budget documents, the Islamabad International Airport’s operations will be first outsourced. In this regard, bids will be received through the International Competitive Bidding by July 15.

The privatisation process for the Lahore and Karachi airports will commence in the coming months.

“Like most modern economies, we also need to keep in mind privatisation and regulatory reforms. The state should limit itself to essential public services only,” Aurangzeb said.

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