PIA liabilities touching Rs480b

ISLAMABAD: The liabilities of the state-run Pakistan International Airlines (PIA) might have touched Rs480 billion-mark. The government is compiling its fresh losses and liabilities figure which were earlier at Rs324 billion by end December 2015, Federal Minister for Privatisation Daniyal Aziz said. “The PIA liabilities were recorded at Rs324 billion by the end of December 2015,” said the minister while briefing the National Assembly’s Standing Committee on Privatisation, which was held under the chairmanship of Syed Imran Ahmed Shah, MNA. The government is compiling data of losses and liabilities of PIA occurred by the end of December last year, he added. The minister said that PIA liabilities are around Rs324 billion as according to the data available of 2015. However, he said that these liabilities might now reached to Rs480 billion as the national flag carrier is facing around Rs150 million loss every day. Aziz shared the plan approved by the Cabinet Committee on Privatisation regarding Privatisation of PIA. He briefed regarding the procedural steps and recommendations made by the Financial Advisory Consortium (FAC) for Privatisation of PIA and the steps had been taken up by the ministry. He informed the committee about the historical background of PIACL transaction, formational of restructuring and divestment strategy and its implementation (Phase-I), facilitating private sector partnership in the core operations of PIACL leading to successful closure of the transaction.