Minister for Privatization, Daniyal Aziz Monday said the government was committed to finalize privatization process of core business of Pakistan International Airlines (PIA) before April 15.
Addressing a press conference here, the minister made it clear that the government will sell only core business relating to management and flight operation of the national flag carrier, whereas all other properties would remain in custody of the government.
The government was also planning to establish another company under which all the fixed assets of PIA would be managed, he said.
Daniyal ensured that during privatization process, all legal rights and monetary benefits of the employees of the airlines would be fully protected.
Daniyal Aziz said according to PIA Amendment Bill (2016) that was adopted unanimously by the Parliament, the government was bound to complete the process by April, 15 this year. He said PIA had been in loss for decades and a huge burden on the national kitty, therefore agenda of divesting the national airlines had always been on top of the list of every government.
Regarding total losses of the airlines, the minister informed that up to March 2017 total losses were recorded at Rs325 billion.
He said he would closely monitor the whole process and would ensured complete transparency in the privatization process in the larger interest of the country.
He said the privatization process would be highly beneficial for the country and the people as it would not only help overcoming huge losses to the national kitty but the people would enjoy more competitive flights with state-of-the-art international facilities.
Due to loss making State-Owned Entities (SOEs), the country was facing a huge loss of over Rs600 billion annually for last three decades, he said adding, had this amount spent on the development sectors at gross root level, the country would be competing the developed countries like Singapore.