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Pakistan not privatizing national flag carrier: finance minister

Xinhua, December 20, 2015 Adjust font size:

Pakistan's Finance Minister Ishaq Dar made it clear on Sunday that the Islamabad-incumbent government had no plan to privatize the state-run Pakistan International Airlines (PIA).

The finance minister said in a press release that the Islamabad was only seeking a strategic partner for the airline. He also said that efforts are being made to invite reputed and credible international strategic partners to acquire only 26 percent shares of the PIA's core business.

The finance minister vowed to make no compromise on transparency during selection of the strategic partners. He ensured that the government has no plan to lay off the existing PIA employees and that they will keep their jobs and careers without any amendment in their employment terms and conditions.

If the government failed to find a strategic partner for the national flag carrier, it would stay committed to make PIA regain its lost glory at the soonest, the minister added.

He revealed that the government had initiated the PIA restructuring exercise immediately after assuming office in June, 2013 which has now resulted in a visible improvement in its overall performance. Dar said further that the PIA fleet has been expanded from 18 in June, 2013 to 38 now which will be further augmented to 50 by the end of 2015. Similarly, the average aircraft age has been abbreviated to nine years from earlier 14 years and efforts are afoot to bring it further down to six years, he said. The minister added that the PIA's punctuality has improved to 82 percent which is at par with the top Middle Eastern airlines.

Clearing the air regarding the president ordinance issued recently, he clarified the move was aimed at liberating the PIA management from government control and turning it into an independent organization in a transparent manner. He explained that the PIA's transition from a corporation into a company will only ensure higher protection to shareholders that will result in increased investor confidence and better financial future of the organization.

Dar pointed out that the PIA will follow the Code of Corporate Governance which will put an end to any chances of fraud and reduce the company's legal challenges. This will lead to availability of quality human resource and healthier financial position which would allow the PIA to induct more aircraft to its fleet besides adding more routes and offering better services to its clientele, he added.

The minister reposed his trust in the PIA to regain its golden past and urged the employees to give their best efforts to help it achieve international service standards. Enditem