PIA privitisation essential to avert Rs259b loss: Rafique
- Web Desk
- Aug 05, 2023
ISLAMABAD: Aviation Minister Saad Rafique has warned that Pakistan International Airlines (PIA) may suffer losses of up to Rs259 billion by the year 2030 if administrative control is not transfered to the private sector.
The minister made these remarks on the Senate floor after tabling “The Pakistan International Airlines Corporation (Conversion) (Amendment) Bill, 2023”.
“The airline is facing a daunting debt burden of Rs742 billion,” he informed.
He stressed the importance of taking urgent measures and emphasised the necessity of Foreign Direct Investment (FDI). He said that privitisation was essential to making PIA a profitable and sustainable entity.
After intense opposition from senators, the Senate Chairman referred the bill to the relevant standing committee for further perusal.
The bill proposes an amendment to Section 3 which states “the shareholders of the company shall be deemed to own and hold the same number of fully paid shares with such rights and privileges, including as to class, kind and face value, as they owned.”
It also says that the “federal government may, during the validity period and by notification in official Gazette, issue fresh shares or cancel any shares as it may deem fit.”