In a bid to strengthen the country's economy, the federal government has decided to draw up a feasible plan to privatise Pakistan International Airlines (PIA), power distribution companies and revive the Pakistan Steel Mills (PSM) this year.
According to sources within the Ministry of Finance, work has already begun to appoint a financial adviser for the privatisation of PIA.
The government is making efforts to resolve the significant debt and other issues faced by PIA. The plan includes finding a solution for the debt and government guarantees, aiming to attract potential investors and restore the airline to its former glory.
However, PIA affiliates will not be included in the privatisation process. Furthermore, the government is actively engaging in negotiations with investors to revive the struggling Pakistan Steel Mills. Given the current situation, the privatisation of the state entity is not feasible.
Instead, efforts will be focused on increasing steel mill production and capacity by attracting investors. Additionally, talks are underway with the private sector regarding the privatisation of power distribution companies.
The government aims to bring in $10-$11 billion in budget support through this endeavour before June.
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