ISLAMABAD (Web Desk) – Federal information Minister Attaullah Tarar on Wednesday said the privatisation of the Pakistan International Airlines (PIA) marked the start of the journey to restore its lost glory.
He stated this while addressing a press conference along with alongside Advisor on Privatization Muhammad Ali. He also described the PIA privatisation, which saw auction of 75% percents for Rs135 billion, as a “historic moment”.
Tarar reiterated the government’s resolve to fast-track the privatization of financially struggling state-owned entities, stating that PIA’s recurring losses will no longer be financed through public funds.
He noted that the airline’s privatization was conducted through an open, transparent and well-managed process.
Addressing the presser, Muhammad Ali said the transition to private ownership is expected to enhance service standards at PIA. He stressed that such commercial ventures perform more effectively under private management, adding that new investment will help modernize the airline through the induction of aircraft and upgrading of its existing fleet.
He credited the successful completion of the privatization process to the coordinated efforts of all stakeholders over the past six months, carried out under the guidance of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Chief of Army Staff and Chief of Defence Forces Field Marshal Asim Munir.
The advisor clarified that PIA’s real estate assets were excluded from the transaction, while the government secured an economic return of Rs55 billion.
He added that the airline’s most valuable asset remains its international landing rights. Currently, PIA operates flights to 30 destinations, with 18 aircraft in service — 12 leased and six owned by the airline.
He further confirmed that liabilities amounting to Rs182 billion have been transferred to the buyer.
