PIA privatisation: PPP decides to give govt tough time

KARACHI: Pakistan People’s Party (PPP) has thrown its weight behind the Pakistan International Airlines’ (PIA) employees protesting against proposed privatisation of the airline, ARY News reported on Monday.

PPP Chairman Bilawal Bhutto met a delegation of PIA employees – led by President People’s Unity CBA Hidayatullah Khan.

During the meeting, a strategy was also finalised as to how to foil the privatisation of the national flag carrier.

Speaking on the occasion, Bilawal said that what he had discussed with the Pakistan Muslim League-Nawaz (PML-N) was not the PIA privatisation, but it’s restructuring.

“Just like the PML-N lies to the nation in political matters, it is not stating the facts about the discussions we had on the subject,” he said, vowing that they will not allow a single worker of the airline to get unemployed.

It is pertinent to mention here that Caretaker Prime Minister Anwaarul Haq Kakar had already directed authorities concerned to expedite the privatisation process of Pakistan International Airlines (PIA).

Meanwhile, the Privatisation Commission had also approved the appointment of British multinational Ernst & Young as the financial advisor for the privatisation of Pakistan International Airlines (PIA), with the aim of preparing the loss-making entity for sale.

Sources told ARY News that the commission had received technical and financial proposals from eight financial advisory firms.

However, it approved the appointment of British multinational Ernst & Young as the financial advisor to prepare plans for privatisation of the national flag carrier.

The adviser would lead a consortium to manage the planned stake sale of the Pakistan International Airlines (PIA), sources added.

Read more: ECC approves Rs8 b bridge financing for PIA

Earlier, the Economic Coordination Committee (ECC) of the Cabinet approved a Rs. 8 billion bridge financing package for Pakistan International Airlines (PIA).

The financing will be provided through the Civil Aviation Authority’s (CAA) resources to meet PIA’s urgent overdue payment obligations.

The ECC allowed the Aviation Division to proceed with the bilateral arrangement between the CAA and PIA.

The Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over the meeting, according to news statement issued by the finance ministry.

The Aviation Division submitted a proposal for provision of financial support to PIACL through the Civil Aviation Authority for certain emergent needs of the airline.