ISLAMABAD: The Cabinet Committee on Privatization (CCoP) has decided to include Pakistan International Airlines in the list of active privatisation projects of the ongoing privatisation programme.
The decision to this effect was taken by the CCoP meeting presided over by Finance Minister Ishaq Dar and attended by Industries and Production Minister Makhdoom Syed Murtaza Mehmood, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries and senior government officials on Monday.
The CCoP considered the proposal of the Privatisation Commission regarding the inclusion of Pakistan International Airlines (PIACL) in the privatisation programmed.
The CCoP after deliberation decided to include Pakistan International Airlines Co Ltd (PIACL) in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament.
The CCoP was told that most recently on 19 July 2023, the prime minister chaired a mailing on Review of Policy Framework for Privatization of SOEs reforms and directed that the Privatization Division in consultation with Aviation Division should move a summary for the deliberation of the CCoP for inclusion of the PIA in the list of Active Privatization Projects of the ongoing privatisation programme.
The Ministry of Aviation was shared a summary for comments and in addition, was requested to confirm that it had initiated the process to bring about the necessary legal amendment in the PIAC (Conversion) Act 2016.
The primary objective of these amendments was to omit the explanation in the sub-section of section-4 of the Act, thus, empowering the federal government to actively pursue private sector.
The meeting was informed that the Ministry of Aviation has moved a summary for the Cabinet Committee for Disposal of Legislative Cases on July 24 for requisite amendment in the PIAC (Conversion) Act 2016 including an amendment of explanation of sub-section of section-4. The ministry supported the proposal for the inclusion of the PIACL in the list of active privatisation projects.
The matter was also placed for consideration of the PC Board in its meeting held on 27 July 2023, whereby, the PC Board recommended the inclusion of the PIACL in the privatisation programme subject to enactment of amendment in the PIAC (Conversion) Act, 2016.
The Privatisation Division also presented a summary on detailed update regarding the privatisation of the Roosevelt Hotel. The CCoP, after discussion, gave concurrence to the Privatisation Commission for hiring of a financial adviser to process/structure the transaction of Roosevelt Hotel, New York, an asset of the PIA Investment Limited (PIA-IL).
Copyright Business Recorder, 2023
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