IMF asks govt to lower PIA losses

KARACHI: The International Monetary Fund (IMF) has asked the federal government to minimize the losses of Pakistan International Airlines (PIA), ARY News reported on Saturday, quoting sources.

The IMF mission is in Pakistan for the talks on the 9th review of the stalled loan programme.

The fund has directed the federal government to devise a strategy to lower the losses being faced by the PIA as the overall losses reach Rs400 billion.

The IMF has also sought a plan from Islamabad for making the PIA, a profitable organization, the sources privy to the development said.

Earlier in the day, it emerged that the International Monetary Fund (IMF) expressed concern over fiscal indiscipline and mismanagement in government departments.

Read more: IMF concerned over fiscal indiscipline in state-owned entities

According to sources, the global lender has expressed dissatisfaction over persistent deficit in state-owned entities.

“There is lack of improvement in electricity and gas transmission losses,” IMF pointed out. “Pakistan continuously bearing losses in the energy sector,” IMF delegation observed. “It insisted for privatization of the state entities bearing losses,” sources said.

The monetary fund has also demanded restricting the state interference in the economy by privatization as well as it is insisting on regular audit in government departments, according to sources.