PM Sharif allows PIA 26% shares privatization

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday allowed to privatise 26 percent shares of PIA in an open and transparent manner to make it competitive and service-oriented.The Prime Minister also directed the Ministry of Privatization and Civil Aviation Division to initiate the process of privatization of Pakistan International Airlines (PIA), while ensuring complete transparency, adherence of all relevant codal formalities and guidelines of the superior courts in the process. This would not only help provide people quality service, but would also improve the overall image of the national flag carrier locally and internationally.The Prime Minister gave these directions while chairing a meeting on PIA at the Prime Minister’s Office.

The Prime Minister said that the government was fully committed to reform and restructure all the ailing state enterprises.

He also directed the PIA management to focus on their operational efficiency, cut down their wasteful expenses and promote qualified professionals to compete modern day environment in the air transport industry.

Earlier, the Prime Minister, reviewing the performance of the PIA, expressed his deep concern over mismanagement in its affairs and was saddened to observe that the airline had not come up to the expectations of the people.

The Prime Minister was also briefed about the problems and issues confronting the PIA, such as its declining service standard, lack of reliability and punctuality, pilferages, lack of quality manpower, training and job rotation, ageing fleet, over-staffing and high loans resulting in heavy financial cost.

The Prime Minister directed the PIA management to cut down its losses in the short term, in order to make it a viable entity for privatization.

The Prime Minister also directed that all the policy decisions to revitalize the public sector organization would be made by its board of governors.

However, he directed to ensure full transparency  in the decision-making process to protect public interest.

The meeting was attended by Finance Minister Ishaq Dar, Information Minister Parvez Rashid, Petroleum Minister Shahid Khaqan Abbasi and other  senior officials.