ISLAMABAD: The privatization of the airport is a top priority for the administration, and it will be the first to be outsourced.
Finance Minister Muhammad Aurangzeb stated during his budget address that the government shouldn’t participate in the commercial world. “We have made privatization a key priority because the prime minister strongly believes in reducing government interference in the commercial space and promoting the private sector.”
The government intends to expedite the current privatization process of establishments such as the Roosevelt Hotel, the Pakistan International Airport (PIA), the House Building Finance Corporation, and First Women’s Bank. Additionally, it will initiate a tangible initiative that presents additional state-owned enterprises (SOEs) for private sector investment.
The transition of energy, financial, and industrial SOEs to private sector ownership and administration will receive particular focus in the upcoming years.
In this regard, he also provided information about the PIA privatization process, which got underway in November 2023 with Ernst & Young’s appointment as financial advisor. The PIA Holding Company was established in March 2024 as a result of the present government’s accelerated process.
Subsequently, the privatisation panel transferred a liability of Rs622 billion. Through advertising in domestic and international newspapers, the commission has called for expressions of interest in the privatization of PIA in April 2024.
