‘Pakistan to streamline aviation industry with regulatory framework’

ISLAMABAD: Caretaker Minister for Privatization Fawad Hassan Fawad stated on Thursday that the caretaker government is developing a regulatory framework to enhance Pakistan’s aviation industry.

The privatization of Pakistan International Airline (PIA) will be carried out in phases, he mentioned during an interview with a private television channel.

Fawad emphasized the significant annual losses, amounting to billions of rupees, incurred due to the retention of financially struggling entities such as Pakistan Steel Mills (PSM), House Building Finance Corporation (HBFC), and some power companies.

He stressed the urgent need to devise a mechanism to save billions for Pakistan.

Responding to inquiries about the delay in the privatization process, he assured that comprehensive efforts are underway to expedite the privatization of non-profitable organizations.

When asked about the caretaker government’s commitment to improving every sector despite its limited tenure in handling national affairs, Fawad asserted that the primary focus is on finalizing the regulatory framework.

This, he explained, is aimed at enabling the next elected government to make progress without unnecessary delays.

Regarding the status of employees associated with the airline and other non-profitable sectors, Fawad mentioned that a strategy would be adopted to safeguard the benefits and rights of employees.

However, he clarified that Pakistani pilots are considered the best in the world, and more than 90 percent of them would be retained.