Pakistan to privatize 26% shares of PIA

The Prime Minister of Pakistan has allowed privatizing 26 percent shares of Pakistan International Airlines (PIA) in an open and transparent manner to make it competitive and service-oriented. According to an official press release, the Prime Minister also directed the Ministry of Privatization and Civil Aviation Division to initiate the process of privatization of PIA while ensuring complete transparency, adherence of all relevant formalities and guidelines of the superior courts in the process. While chairing a meeting, the Prime Minister said that the government was fully committed to reform and restructures all the ailing state enterprises. PM Nawaz ordered the management of PIA 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. The PM also directed the PIA management to cut down its losses in the short term, in order to make it a viable entity for privatization.