Finance minister assures PIA privatisation in ongoing year

Amid incumbent government's strenuous efforts to tackle multi-prong challenges faced by the country on the economic front, Finance Minister Muhammad Aurangzeb has assured the privatisation of Pakistan International Airlines (PIA) before the end of 2024.

Aurangzeb, while speaking to a private channel, said that the incumbent government will see to the privatisation of the national carrier along with three power distribution companies (Discos) before 2024 culminates.

The statement comes as PIA's privatisation, previously extended till October 1, was "postponed" until October 31 with sources linking the deferment to low bidder interest, court cases, fleet ageing and civil aviation issues.

Last week, the sources told The News that the government intends to privatise more state-owned enterprises (SOEs) under the rightsizing policy with PM Shehbaz directing the Ministry of Privatisation and Ministry of Industries and Production to implement the plan.

They added that Pakistan Stone Development Company and Pakistan Automobile Corporation were marked for privatisation marked for privatisation.

Also, proposals were finalised for the privatisation of Pakistan Institute of Management, Khadi Crafts Development Company, Agro Food Processing Facilities, Leather Crafts Development Company, Morafco Industries, Southern Punjab Embroidery Industry and Gujranwala Business Centre.

It is to be noted that the finance minister chairs a high-powered Right-Sizing Committee constituted by the prime minister.

Elaborating on the privatisation process, Aurangzeb said that the outsourcing of Islamabad and Karachi airports would be made in phases.

He said that rightsizing and restructuring of some ministries and departments would also be completed before the next fiscal year.

Addressing the issues in the power sector, the minister said discussion was being made with Chinese authorities regarding the re-profiling of debt besides China Pakistan Economic Corridor (CPEC) projects.

Noting that the government was working on privatisation of sick units, power sector reforms, and all necessary have been taken to achieve the objectives.

All out measures are being taken to strengthen the economic sector of the country, he remarked.