LAHORE MIRROR — Minister for Railways and Aviation Khawaja Saad Rafique has warned that the Pakistan International Airlines (PIA) may endure alarming losses of Rs259 billion by the year 2030 if urgent corrective measures are not implemented, including transfer of its administrative control to the private sector.
He made these comments while presenting “The Pakistan International Airlines Corporation (Conversion) (Amendment) Bill, 2023” for passage in the Senate on Friday.
The federal minister emphasised the necessity of Foreign Direct Investment (FDI) and granting administrative control to the private sector to sustain PIA, saying that the airline is facing a daunting debt burden of Rs742 billion.
Rafique also said that the bill would make the PIA a holding company, adding that the upcoming government will decide on the percentage of PIA shares to be given.
The minister also said that he was not in favour of privatisation, however, the PIA is facing a loss of Rs110 billion annually and its entire revenue is being spent on the debts.
