There has been significant progress in the privatization of Pakistan International Airlines (PIA), the overseas Pakistani group has offered more than Rs. Revealed.
Al Nahang Group sent an email proposal to the Minister of Privatization, Minister of Aviation and Minister of Defense for the purchase of PIA.
Investors could not properly identify assets, PIA loans have been written off, spokesperson
Al Nahang Group has also offered the government not to retrench PIA employees, and to increase salaries by 30 to 100 percent in a phased manner.
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The Pakistani business group also assured the best business plan for the national airline, the inclusion of modern aircraft in the fleet, the offer also includes the option of making the national airline an engineering and maintenance hub for other airlines.
It should be noted that privatization of loss-making government institutions, including PIA, is a long-standing demand of the International Monetary Fund (IMF) and if PIA is not privatized in time, the government will face difficulties in providing the next installment of the current loan program. may face.
Chief Minister Khyber Pakhtunkhwa will insist on buying PIA
The government had suffered a setback last month with regard to the privatization of PIA on October 31. ) received a bid of only Rs 10 billion after which the privatization process was stopped.
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Minister of Privatization Abdul Aleem Khan had announced that PIA will not be sold at any price, he said that their task is not to fix PIA but to sell it.
Later, Blue World City had expressed its conditional willingness to give 30 to 85 billion rupees to the government for the purchase of PIA.
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**Interview with Mr. Ahmed Khan, Financial Analyst and Aviation Industry Expert**
**News Editor:** Good afternoon, Mr. Khan. Thank you for joining us today to discuss the recent developments regarding the privatization of Pakistan International Airlines (PIA).
**Ahmed Khan:** Good afternoon, and thank you for having me.
**News Editor:** Recent reports indicate that the Al Nahang Group has made a significant proposal to purchase PIA. Can you tell us more about their offer and what it entails?
**Ahmed Khan:** Absolutely. The Al Nahang Group has proposed an offer exceeding Rs. [amount not specified in the original information] to the government, which includes a commitment not to retrench any PIA employees. Their strategy also involves a phased salary increase for employees, estimated between 30 to 100 percent, which is a promising move for the workforce.
**News Editor:** That’s interesting. However, there has been some criticism regarding PIA’s financial situation, specifically regarding the identification of assets and the write-off of loans. How does this affect potential investors?
**Ahmed Khan:** Yes, that’s a significant concern. Investors are often cautious when it comes to identifying and assessing assets, especially in cases where loans have been written off. This can lead to skepticism about the true financial health of the airline. It’s critical for any interested party to undertake thorough due diligence to understand these financial nuances fully.
**News Editor:** Given the challenges and criticisms, do you think this proposal from Al Nahang Group could lead to a successful privatization of PIA?
**Ahmed Khan:** It’s too early to determine the final outcome, but this proposal represents a crucial step towards privatization. If the Al Nahang Group can demonstrate a clear roadmap for improvement, including financial restructuring and operational efficiencies, then there is potential for a successful transition. Moreover, their commitment to employee welfare could foster goodwill, which is essential in public perception.
**News Editor:** what should the government and stakeholders do next to facilitate this process?
**Ahmed Khan:** The government should carefully evaluate the proposal, ensuring transparency and accountability throughout the privatization process. Engaging with potential investors, conducting comprehensive assessments of PIA’s assets, and maintaining open communication with employees will be vital in this transition phase. The goal should be to revamp PIA into a competitive airline that can sustain itself in the long run.
**News Editor:** Thank you for your insights, Mr. Khan. This will surely be an interesting development to watch as it unfolds.
**Ahmed Khan:** Thank you for having me. It’s a pleasure to discuss such an important topic.