PIA’s sell-off plan discussed with World Bank

Published October 6, 2023
Country Director of World Bank Najy Benhassine called on Federal Minister for Privatisation Fawad Hasan Fawad on October 5, 2023. — PID
Country Director of World Bank Najy Benhassine called on Federal Minister for Privatisation Fawad Hasan Fawad on October 5, 2023. — PID

ISLAMABAD: Privatisation Minister Fawad Hassan Fawad on Thursday reiterated the government’s firm resolve to divest major loss-making state-owned enterprises to avoid a substantial financial drain of resources and make them efficient.

During a meeting with World Bank Resident Director Najy Benhassine, the minister also discussed the privatisation agenda with a specific focus on the divestment of PIA and other state-owned entities for optimising the performance of ex-Wapda distribution companies (Discos).

Mr Fawad explained the outlines of the PIA sell-off plan, expressing the government’s intention to engage the World Bank and other financial institutions in the initial phases of this effort.

Mr Fawad also highlighted the intention to develop a comprehensive model for PIA, with the World Bank remaining a key partner for potential future support.

Meanwhile, official sources told Dawn that a single-agenda meeting of the board of the Privatisation Commission would discuss the privatisation of PIA on Friday. PIA has emerged as the foremost priority for privatisation due to its persistent and staggering financial losses, amounting to billions of rupees annually. Privatising PIA is considered imperative to remove these losses and improve its operational efficiency, he said.

The privatization minister stated that the overarching objective is to attract much-needed private investment through the privatisation process, thereby unlocking government funds for deployment in vital sectors.

Published in Dawn, October 6th, 2023

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