LAHORE: In a significant move, the coalition government decided to hand over the management control of Pakistan International Airlines (PIA) along with multiple other state entities to the private sector, ARY News reported on Tuesday, citing sources.
According to the details, the federal government decided to privatize the state entities including Power Distribution Companies, State Life Insurance, Sui Northern, Sui Southern, PIA, as well as Islamabad International Airport.
According to the sources, the shares of institutions will be made available to the public for purchase through the Pakistan stock exchange. This decision aims to enhance efficiency, attract investment and generate substantial revenue for the country.
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Furthermore, management control of multiple institutions will be handed over to the private sector, marking a significant shift in the government’s approach towards governance and service delivery.
The government, displaying its commitment to privatization, is fully prepared to transfer management control of these institutions to the private sector. This transition is expected to bring in new management practices, operational efficiencies, and innovation to drive these institutions towards sustainable growth.
In a positive development for overseas Pakistanis, a separate quota for shares has been allocated, ensuring their participation in the privatization process and enabling them to contribute to the country’s economic development.
The privatization drive is projected to generate billions of rupees in revenue for the government, which can be channeled towards public welfare, development projects, and reducing fiscal deficits.
Recognizing the urgency for reforms, the Prime Minister has directed the authorities to expedite the process of revamping loss-making institutions.
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