Islamabad, Pakistan: Pakistan’s national airline, Pakistan International Airlines (PIA), is back in the spotlight as the government pushes for its privatization. Caretaker Prime Minister Anwaar-ul-Haq Kakar on Tuesday met with Aviation Adviser Air Marshal (retd) Farhat Hussain, demanding swift and transparent progress on the long-awaited process.

Saving the National Exchequer: Kakar emphasized the government’s priority of privatizing state-owned enterprises to avoid further financial losses. He believes the aviation industry holds immense potential for growth with increased investment.

Beyond Privatization: The meeting also addressed plans to improve airport operations through outsourcing. This move aims to enhance service quality and efficiency across the country’s airports.

Challenges Remain: Despite the renewed focus, the PIA privatization plan faces hurdles. The Privatization Commission has encountered roadblocks in resolving loan repayment and legal issues. Sources report that interim Privatization Minister Fawad Hussain Fawad missed the initial January 2024 target for handing over PIA to private ownership.

Debt Dilemma: A significant challenge for PIA is its hefty debt burden. The airline struggles to manage interest payments on a Rs. 260 billion loan, with sources claiming it can only afford Rs. 8 billion annually. National Bank, Bank of Punjab, and eight other commercial banks are involved in the loan arrangement.

Moving Forward: Despite the obstacles, Prime Minister Kakar’s directive and the government’s commitment to transparency signal renewed momentum for PIA’s privatization. Whether this renewed push translates into success remains to be seen, but the future of Pakistan’s national flag carrier hangs in the balance.