The privatisation of Pakistan International Airlines (PIA) is projected to be one of the most intricate transactions tackled by the Privatization Commission, necessitating a detailed 30-step plan for completion,
According to top official sources, fulfilling this ambitious agenda could span from six months to a year, as reported by The News.
A significant hurdle in the process involves obtaining No-Objection Certificates (NOCs) from around 35 lenders, a task with an unpredictable timeline due to PIA’s financial struggles.
This step is critical for maintaining the airline’s operations and is indicative of the complexities involved in the privatisation efforts.
Comparing to past privatisations, such as the Heavy Electrical Complex which took two years to transition to new ownership despite concluding the Sale Purchase Agreement in 2022, the PIA privatisation stands out for its complexity.
Achieving this within a year would be considered a significant accomplishment.
Despite prior commitments to Prime Minister Shehbaz Sharif for a swift transaction, possibly by June 2024, sources critique these promises as overly optimistic.
The privatisation’s timeline has been realistically extended to ensure a thorough and orderly transition, with significant preliminary work yet to be completed.
Part of the preparation involves PIA’s division into two separate entities, a process entailing multiple steps itself.
Additionally, potential objections from the International Monetary Fund (IMF) regarding the unbundling of PIA and its financial implications—particularly a Rs260 billion settlement with an annual cost of Rs32 billion and a potential Rs16 billion cost for restructuring domestic debt—pose further challenges.
The IMF’s concerns highlight the need for addressing structural issues within the sector, including energy mix optimisation, leakage reduction, bill collection improvement, and tariff rationalization to ensure sustainability.
Contrary to claims from sources close to the last caretaker government that the privatization groundwork is complete, official statements suggest that significant steps remain.
This comprehensive approach aims to navigate the complexities of PIA’s privatization meticulously, underscoring the magnitude of this landmark financial and operational restructuring.
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