ISLAMABAD   -  The National Assembly Standing Committee on Privatisation on Monday expressed concern over the delay in the process of privatisation of Pakistan International Airline Company (PIA) which resulted in an increase in its losses/liabilities from Rs200 billion in 2015 to Rs800 billion in 2024.

The committee has recommended to expedite the process in a transparent manner. The committee also urged to protect the rights of the employees during the process which was assured by the minister for privatisation. Federal Minister for Investment Board, Communications, and Privatization, Abdul Aleem Khan highlighted the financial turmoil faced by the national airline, citing annual losses ranging between Rs80 to 100 billion, with total accumulated losses soaring to over Rs800 billion. He asserted that privatising PIA would save the national treasury from an additional Rs100 billion loss in the coming year. “Doing business is the work of the private sector,” Khan stated, “The whole world has accepted this, and we should also accept it.”

To ensure a transparent privatization process, the minister assured that bids for PIA would be opened in front of the media. He also promised job security for PIA employees, emphasizing that their rights would be safeguarded during the transition. 2nd meeting of the Standing Committee on Privatization was held under the chairmanship of Muhammad Farooq Sattar, MNA in Committee Room No. 7, Parliament House Islamabad.

At the outset, the Secretary, M/o Privatization gave briefing on the overall working and performance of the ministry. The committee directed the secretary to provide a detailed working paper on the entities privatized during the last 10 years.

Secretary Privatization added that approximately $500 million is required to make PIA profitable, a financial burden the government cannot bear. This financial incapacity further strengthens the case for privatization. The committee considered the “the Privatization Commission (Amendment Bill, 2023” and unanimously recommended to approved the said Bill.

The committee was told that the cabinet had so far approved the privatization of 24 state-owned entities, including that of power producing and distribution companies. The NA body was briefed that since courts took a long time to decide on the privatization of different departments, therefore from now onwards, tribunals would be set up for the purpose.

MNAs, Anwar-ul-Haq Chaudhary, Ch. Mahmood Bashir Virk, Abdul Qadir Khan, Ms Asia Naz Tanoli, Nazir Ahmed Bhugio, Zulfiqar Ali, Ms Sehar Kamran, Khawaja Sheraz Mehmood, Moulana Abdul Ghafoor Haideri, and minister for privatization, officers/officials from the ministry of privatization and PIA attended the meeting.