PIA Sale Will Be Completed by 1st October: Privatization Commission Secretary

The privatization of Pakistan International Airlines (PIA) will be completed by 1st October 2024, Secretary Privatization Commission told the Senate Standing Committee on Privatization on Thursday. While briefing the committee, the secretary said Prime Minister Shehbaz Sharif has instructed that the process be completed by the set deadline without further delays. Committee chairman Senator Muhammad Tallal Badar expressed optimism that PIA’s sale will be completed within the given timeline. At the same time, he warned against prioritizing political interests over national welfare. The committee further discussed PIA’s financial profile. They recalled that the airline had accumulated Rs. 499 billion in liabilities since 2015 and Rs. 75 billion in losses in 2023. Total liabilities now stand at Rs. 825 billion, while assets are valued at Rs. 161 billion. It was also discussed that as part of the government’s overall privatization efforts,  proceeds over the past five years were Rs. 4.389 billion and expenditures Rs. 1.99 billion. The committee chairman summoned a detailed report on the costs involved in privatizing distribution companies (DISCOs) and a strategic review of future privatization efforts.