PIA a growing burden

PIA, once a symbol of national pride, has now become a burden on the national exchequer. The airline, which has been hemorrhaging money for years, has racked up losses amounting to a staggering Rs830 billion or more. This colossal figure has justifiably earned PIA the label of a 'white elephant' - a liability that the state can no longer afford to maintain.

The airline's inefficiencies, bloated workforce and outdated management practices have made it impossible for the state-owned enterprise to compete in the increasingly cut-throat global aviation industry. The result has been a steady decline in service quality and safety standards, denting its overall reputation. Despite the dire situation, a silver lining is that private firms are interested in the privatisation of PIA. Unfortunately, the process has been marred by delays, which is not only frustrating but also perilous for Pakistan's already fragile economy. Many of the potential bidders have requested an extension, citing various concerns that need to be addressed before they can commit to such a significant investment. These delays are not entirely unexpected, given the complexities involved in privatising a state-owned entity of PIA's size and importance. Nevertheless, they are deeply concerning, as each day that passes without resolution further drains the national treasury and diminishes the airline's value.

Considering that privitisation has become an imperative, it begs the question: are these delays simply a result of the due diligence required by potential investors, or is there resistance from within the government or other powerful stakeholders who benefit from the status quo? The government must address these concerns transparently and expedites the privatisation process. The cost of inaction is too high, both in financial terms and in the missed opportunity to restore PIA to its former glory.