Islamabad: Minister for Information and Broadcasting Attaullah Tarar has reaffirmed the government’s commitment to accelerating the privatization of loss-making state-owned enterprises. Addressing a news conference in Islamabad on Wednesday, alongside Advisor on Privatization Muhammad Ali, he said the journey to restore the lost glory of Pakistan International Airlines (PIA) has begun with its privatization, describing it as a historic moment.

According to Radio Pakistan, Tarar emphasized that PIA’s annual losses will no longer burden the national exchequer, noting that the privatization process was carried out in a transparent and efficient manner. Advisor on Privatization Muhammad Ali expressed confidence that the privatization of PIA will lead to improved service quality, stating that the private sector is best suited to run such businesses. He was optimistic that the private sector will invest in PIA, induct new planes, and revamp the existing fleet.

The Advisor further stated that the privatization of PIA was completed due to the tireless efforts of all stakeholders over the last six months. He acknowledged the guidance provided by Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and COAS and Chief of Defense Forces Field Marshal Syed Asim Munir.

Muhammad Ali clarified that properties of PIA are not part of this deal, and the government will receive economic value of fifty-five billion rupees from this transaction. He highlighted that PIA’s biggest asset is its landing rights, with the airline currently operating on thirty destinations. Of the eighteen operational planes, twelve are on lease and six are owned by PIA. Additionally, he clarified that liabilities worth one hundred and eighty-two billion rupees have been transferred to PIA’s buyer.