The Pakistani government has already paid more than $4.3 million (around Rs. 1.2 billion) to a financial advisor for the privatization of Pakistan International Airlines (PIA), but the process is still not complete.
During a meeting, the National Assembly’s Standing Committee on Privatization shared that 63% of the advisory fee has already been paid. The total amount that needs to be paid is $6.9 million. However, the financial advisor will only receive further payments for the second phase once the sale of PIA is successfully completed.
Previously, a bid to buy PIA was rejected because it did not meet the required standards. This has caused delays in the privatization process, leaving the airline’s future uncertain.
In addition to discussing PIA’s privatization, the committee also talked about the airline’s assets, such as the Roosevelt Hotel in New York. They also reviewed the financial difficulties faced by the Utility Stores Corporation, which plays a key role in providing affordable goods to the public.
The situation highlights the challenges the government is facing in trying to privatize PIA while also dealing with broader financial issues affecting state-owned enterprises.
