Kakar Tasks New Minister with Fast-Tracking PIA Privatisation Amid Cash Flow Crisis

Caretaker PM Kakar tasks new Privatisation Minister Fawad with expediting PIA privatisation
Directive comes after ECP advises interim govt against appointing people of known political links
PM says PIA privatisation needs to be fast-tracked to improve services and meet global standards
PIA struggling with severe cash flow crisis, leading to grounding some aircraft
Aviation Ministry warns Boeing, Airbus may stop supplying spare parts by mid-Sept
Ministry seeks urgent Rs23bn cash injection and suspension of taxes for PIA
Privatisation expected to include sale of PIA's core functions and non-core assets

dawn.com

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9/16/2023

PIA Seeks Bailout as Financial Woes Ground Planes, Executives Oppose Privatization Despite Mounting Debts

The debt-ridden Pakistan International Airlines (PIA) is facing potential closure and has requested emergency funds to pay its creditors, but the government's plan to privatize the airline is likely to face opposition from its staff and executives; PIA's debt and liabilities have surpassed its assets by five times, and its annual losses are projected to increase significantly by 2030.

9/17/2023

PIA Secures Rs17 Billion Loan to Restore Operations After Cash Flow Crisis

Pakistan International Airlines (PIA) has secured a Rs17 billion bank loan, allowing it to pay salaries, operate flights smoothly, and fulfill its financial obligations.