Privatisation and Investment Minister Abdul Aleem Khan on Thursday said that the government would complete all the steps to privatise Pakistan International Airlines (PIA) during the next three months. As part of reforms urged by the International Monetary Fund (IMF), the Privatisation Commission said in April 2024 that it was putting on the block a stake ranging from 51 per cent to 100pc of the national carrier. The government\u2019s failed first attempt to privatise PIA cost the national exchequer $4.3 million, the National Assembly Standing Committee on Privatisation was informed on February 26. The lack of interest shown by the buyers during the first round of privatisation was due to multiple reasons, including the 18pc general sales tax on the purchase of new aircraft and the national carrier\u2019s liabilities, the committee was informed. In the press release issued by the privatisation ministry today, the minister said that a new roadmap was being provided to make PIA\u2019s privatisation more attractive, adding, \u201cIt is expected that all stages of this privatisation process will be completed within the next three months.\u201d He said all concerns of the parties interested in PIA\u2019s privatisation process were addressed properly. \u201cConsequently, the government has decided to make changes according to the preferences of the interested parties for the privatisation of PIA,\u201d he added. The minister asserted that there was no doubt that PIA possessed the potential to become profitable and expressed hope that the privatisation process would become more feasible, which would positively impact the overall process. \u201cThere is an expectation of better expressions of interest from investors this time around, as the introduction of PIA flights to Europe has made the privatisation environment even more lucrative and favourable,\u201d the minister was quoted as saying in the press release. \u201cDue to recent measures, the national airline is ready to become profitable again.\u201d The minister said that after Europe, flights to the UK would begin within the next three months. \u201cFollowing Europe and the UK, flights to the United States and the Far East will be functional in the next phase,\u201d he added, highlighting that PIA was \u201cthe first choice for travel\u201d for Pakistanis. He asserted that PIA\u2019s credibility would be restored and the airline would be brought back to its peak with positive steps. \u201cThere is no doubt that PIA still possesses the potential to become profitable once again,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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