Islamabad May 2 2024: Federal Minister for Privatization, Board of Investment & Communications Abdul Aleem Khan has said that 10 major organizations have so far submitted initial documents expressing their interest for the privatization of PIA.
He added that Privatization Commission has extended 15 days for privatization of PIA and LOIs can be submitted till May 18 now and this date will not be extended further.
Federal Minister Abdul Aleem Khan said in a media briefing that some newspapers did not give accurate figures regarding the privatization of PIA, while the actual situation is encouraging because there is still so much potential in this Institution as PIA after adding new planes can be converted into a profitable enterprise.
He said that the privatization of PIA, an organization with a loss of 830 billion rupees, is in the interest of the country and he is sure that Bilawal Bhutto Zardari will also support and acknowledge it when he gets to know the real facts.
Federal Privatization Minister said that Steel Mill, Discos, First Women’s Bank, House Building Finance Corporation and other institutions are also being privatized, for which work is going on rapidly after receiving instructions from the Government. He said that unfortunately such institutions are sucking the blood of the country’s economy and it has been proven that the Government’s job is not to do business or run enterprises so we have to bring the private sector forward so that they can meet the modern requirements and carry forward the institutions quickly to make them profitable. He said that by paying all the liabilities of PIA, we are privatizing it without any burden, which will be beneficial because even today all the airlines together are lesser than the share being put by the PIA.
In response to a question, Federal Minister said that the Government wants to privatize 6 to 7 discos, while three of them will continue to work under Government supervision having strategic interest.
Abdul Aleem Khan said that PIA’s Hajj and Umrah flights to Saudi Arabia are the most profitable routes as well as PIA’s direct flights to Europe, America and Canada including the Middle East and other countries for passengers will be also attracting.
He said that the Letters of Interest for the privatization of PIA will be opened in front of everyone on May 18 and he as the Federal Minister for Privatization he will ensure the transparency of the entire process at all costs. In response to another question, Federal Minister Abdul Aleem Khan said that the 10 well-known companies that have expressed interest want to form a consortium with international companies for PIA and they have requested a two-week extension for which he has obtained permission from the Prime Minister.
Abdul Aleem Khan said that losing 400 to 500 billion rupees annually is a huge excess and in this way we can never strengthen our economy. He said that he will ensure the privatization of all institutions in 100% transparency and on merit in front of the media so that no one can point a finger at this process.
