Islamabad, Pakistan: In a decisive move, Pakistan’s caretaker Prime Minister, Anwaar-ul-Haq Kakar, has called for a swift and transparent privatization of the national flag carrier, Pakistan International Airlines (PIA).

Meeting with his Aviation Advisor, Air Marshal (retd) Farhat Hussain, PM Kakar emphasized the importance of expediting the process while maintaining utmost transparency. He stressed that privatizing state-owned enterprises, including PIA, is a top priority for the government to save taxpayer funds and revitalize the aviation sector.

Recognizing the immense growth potential of Pakistan’s aviation industry, PM Kakar also directed the exploration of outsourcing airport operations to improve service standards. The Aviation Advisor provided a comprehensive briefing on the Ministry’s ongoing initiatives and reform efforts.

However, the PIA privatization plan has encountered hurdles, with the Privatization Commission yet to resolve key issues related to loan repayments and legal matters. Sources close to the development report that the interim Privatization Minister, Fawad Hussain Fawad, missed the target of transferring PIA to the private sector by January 2024.

Financial concerns remain a significant obstacle. PIA, burdened with a Rs. 260 billion loan, struggles to manage the Rs. 8 billion annual interest payments. This complex situation involving multiple lenders, including National Bank, Bank of Punjab, and eight other commercial banks, requires a strategic and sustainable solution.

With PM Kakar’s renewed focus and the need to address financial roadblocks, the path towards PIA privatization appears to be taking a crucial turn. Whether the goal of a private sector handover will be achieved remains to be seen, but the government’s commitment to transparency and revitalizing the aviation industry offers a ray of hope for PIA’s future.