Prime Minister gives go ahead for PIA 26% shares’ privatization

Prime Minister Nawaz Sharif has directed the Ministry of Privatization and Civil Aviation Division to initiate the process of privatization of Pakistan International Airlines (PIA) while ensuring complete transparency, adherence of all relevant codal formalities and guidelines of the superior courts  in the process.

He said transparent process will not only people benefit from a qualitatively better service but the overall image of the national flag carrier also gets a boost both nationally and internationally.

The Prime Minister gave these directions while chairing a meeting on PIA at the Prime Minister’s Office today.

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.

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Posted by Tahir Khan on Sep 12 2013. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.