Prime Minister Nawaz Sharif has directed to initiate the process of disinvestment of twenty-six per cent shares of Pakistan International Airlines (PIA).
The national flag carrier has become a symbol of crisis which demands about Rs. 3 billion every month from the government run its affairs.
In a bid to extract PIA from the crisis, Prime Minister of Pakistan Nawaz Sharif on Thursday chaired a meeting in Islamabad and made some decision to overcome PIA’s current situation.
The prime minister directed the Ministry of Privatization and Civil Aviation Division to ensure complete transparency in the process.
He also directed the PIA management to focus on their operational efficiency‚ cut down their wasteful expenses and promote their qualified professionals to meet the modern day competitive environment.
The Prime Minister gave a go ahead for privatization of 26% shares of the airlines through an open and transparent manner to make PIA competitive and service-oriented.
The Prime Minister said that the government is fully committed to reform and restructure all ailing state enterprises, including PIA and directed the management of the airline to focus on their operational efficiency, cut down their wasteful expenses and promote their qualified professionals for meeting the modern day competitive environment in the air transport industry.
Earlier the Prime Minister, while reviewing the performance of the PIA, expressed his deep concern over mismanagement in the affairs of PIA and was saddened to observe that the airline has not come up to the expectations of the people.
The Prime Minister was also briefed about the problems and issues confronting the PIA which included its declining service standards, lack of reliability and punctuality, pilferage and theft, lack of quality manpower, training and job rotation, ageing fleet, overstaffing and high loans resulting in high finance cost.
The Prime Minister directed the management of the PIA to cut down on their losses in the short term in order to make it a viable entity for privatization.
The Prime Minister also directed that all policy decisions to revitalize the public sector organization would be made by its board of governors. However, he directed to ensure full transparency in the decision-making process so that public interest remains safeguarded.
The meeting was attended by Finance Minister Ishaq Dar, Information Minister Parvez Rashid, Petroleum Minister Shahid Khaqan Abbasi and other senior Officials.