Pakistan International Airlines (PIA), a state-owned airline with losses and arrears of hundreds of billions of rupees, is being privatized.
The national airline’s board of directors recently adopted the Ernst & Young-prepared privatization plan, which includes recommendations for the future of PIA personnel, such as a voluntary retirement plan.
In response to demands from the International Monetary Fund (IMF), the government is acting to stem the bleeding of state-owned firms by privatizing them, including PIA.
The federal government has accepted the choices made by the reconstituted PIA board regarding the corporation. The Sharif-led administration agreed to restructure state-owned businesses in response to economic difficulties, and they are almost done with the privatization process, which entails selling a 51 percent share with total managerial control.
Large losses and liabilities have been incurred by PIA, which intends to split off debt into a different company before selling the ownership.
