ISLAMABAD: The board of directors of Pakistan International Airlines (PIA) recently approved the airline’s privatization and restructuring plan during its 83rd meeting held on March 25.
The official announcement stated that the scheme of arrangement received approval during the meeting. Additionally, the statement mentioned that the board would collaborate with the Securities and Exchange Commission of Pakistan (SECP).
According to sources, the meeting also addressed various proposals concerning the future of the organization’s employees. Ernst & Young, a global financial advisory firm appointed by the government, completed the task of preparing the plan during the caretaker setup period.
The International Monetary Fund (IMF) has urged Pakistani authorities to privatize state-owned enterprises to revive the ailing economy. The plan presented by Ernst & Young included discussions on a voluntary retirement scheme and proposed retirement for employees with four years of service remaining.
It is noteworthy that the PIA’s Board of Directors had been inactive since October 2023, and its reconstitution was recently approved by the federal cabinet. This approval is essential for major decisions concerning the company.
(Islamabad51_Newsdesk)
