The Standing Committee of the National Assembly approved on Monday the Privatisation Commission Amendment Bill 2023 by a majority vote.
The decision was confirmed by Federal Minister for Investment Board, Communications, and Privatization, Abdul Aleem Khan.
Minister Khan highlighted the financial turmoil faced by the national airline, citing annual losses ranging between Rs 80 to 100 billion, with total accumulated losses soaring to Rs830 billion.
He asserted that privatising PIA would save the national treasury from an additional Rs 100 billion loss in the coming year. "Doing business is the work of the private sector," Khan stated, "The whole world has accepted this, and we should also accept it."
To ensure a transparent privatization process, the minister assured that bids for PIA would be opened in front of the media. He also promised job security for PIA employees, emphasizing that their rights would be safeguarded during the transition.
Secretary Privatization added that approximately $50 million is required to make PIA profitable, a financial burden the government cannot bear. This financial incapacity further strengthens the case for privatization.
Minister Khan also addressed the broader issues within government offices, criticizing the poor condition and inefficiency prevalent in various departments.
"The condition of the offices in the parliament is such that one feels ashamed to invite a guest. If the government cannot take care of the parliament, how can the airline run?" he questioned. He pointed out that while the number of employees in government offices has doubled, their productivity has not improved.
The approved amendment aims to expedite the privatization process by directing any petition regarding privatization to the Tribunal instead of the High Court. Officials from the Ministry of Law emphasized the urgency, noting that if the bill becomes an act within 240 days, it would be beneficial for the country.
