Islamabad: Finance Minister Muhammad Aurangzeb has announced a deadline for the privatization of Pakistan International Airlines (PIA) and three power distribution companies (Discos), aiming to complete the process by the end of the year. The decision comes amid challenges such as low bidder interest, legal entanglements, and operational issues within PIA. The move is part of a broader government initiative to privatize multiple state-owned enterprises (SOEs) to streamline operations and enhance economic stability.

According to Zameen.Com, the minister outlined the delay in PIA’s privatization to October 31, attributing it to ongoing court cases and civil aviation concerns, including an aging fleet. The government, under Prime Minister Shehbaz’s direction, has tasked the Ministry of Privatisation and the Ministry of Industries and Production with the execution of this rightsizing policy. This policy includes the privatization of entities such as the Pakistan Stone Development Company, Pakistan Automobile Corporation, and several others, impacting a wide range of sectors from automotive to food processing.

Aurangzeb, who also chairs the Right-Sizing Committee, detailed the phased outsourcing of Islamabad and Karachi airports and mentioned the restructuring of various ministries and departments scheduled before the next fiscal year. In the power sector, he discussed negotiations with Chinese authorities over debt re-profiling and updates on China Pakistan Economic Corridor (CPEC) projects. The minister emphasized the government’s commitment to reforming and privatizing struggling units to ensure the economic stability of the country.