ISLAMABAD: Minister of State of Privatization Mohammad Zubair has stated the process of privatization of the Pakistan International Airlines will be formally initiated after the designation of a financial adviser on July 22. He pronounced the privatization process would be finished by June next year. “For the being time, we will hand over the management to a private company later than selling 26 or 51 per cent PIA shares to it.”
The PIA has 16,600 employees with a fleet of 35 aircraft, but nine of them are not being used for dissimilar causes. Mr Zubair alleged the government was planning to ease out 50pc excess employees of the airline previously privatisation. He stated that later the employees’ voluntary retirement the government would assist them in getting jobs elsewhere.
The Minister pronounced it was not simply a subject of surfeit staff, yet their efficiency to execute the task for which they had been recruited was also a dangerous subject. The airline has been on the list of the state-owned entities to be privatized since 1992, but it is the first time that the process for its privatization is being formally set forth.