The privatization of Pakistan International Airlines (PIA) is set to be completed by October 1, 2024, according to the Secretary of the Privatization Commission. During a briefing to the Senate Standing Committee on Privatization, the Secretary mentioned that Prime Minister Shehbaz Sharif has directed that the process be finalized by this deadline without any further delays.
Senator Muhammad Tallal Badar, the committee chairman, expressed confidence that the sale of PIA would be finalized on time but cautioned against placing political interests above national welfare.
Read More: Salaried Individuals Contribute the Most in Taxes, While Retailers and Landowners Lag Behind
The committee reviewed PIA’s financial status, noting that the airline had accrued Rs. 499 billion in liabilities since 2015 and reported losses of Rs. 75 billion in 2023. Current total liabilities amount to Rs. 825 billion, while assets are valued at Rs. 161 billion.
The discussion also covered the government’s broader privatization efforts, with proceeds from such initiatives over the past five years totaling Rs. 4.389 billion and expenditures amounting to Rs. 1.99 billion. The committee chairman has requested a detailed report on the costs associated with privatizing distribution companies (DISCOs) and a strategic review of future privatization plans.
