Islamabad:
The government said that the new buyer of Pakistan International Airlines (PIA) will have to invest up to Rs 70 billion in the rear airline over a five -year period, but the final investment requirements will be estimated next month after the audited accounts are available.
Osman Bajwa, secretary of the privatization commission, said that new investors would need to invest 60 to 70 billion rupees in 5 years.
He made this statement during a meeting of the Senate Standing Committee on privatization.
Usman Bajwa said that the PIA has decided to start flights to Manchester from 14 August after banning Pia’s flights. Piya pilots were banned after fake degrees claims.
For privatization, the Prime Minister’s advisor Mohammad Ali said after the meeting that the financial accounts audited at the end of June would be estimated that the airlines would be estimated after mid -mid -month month. The investor will hold 85% of the bidding amount in the airline. The government will get only 15 % bid amount.
In the meeting, the Secretary Privatization Commission said that the pension of PIA employees is up to Rs 14 billion 88 crore rupees. He said that Piya pension is being paid to 6,625 employees, on which the chairman of the committee Afananullah said that there are some employees who receive a pension of Rs 6 to 7,000.
Officials Commission officials said the current PIA business model is not durable. He said that the possibility of privatization has increased after the PIA balance sheet was removed from a balance sheet of Rs 45 billion and has been kept in the new holding company. The committee was informed that Pakistan Minerals Development Corporation (PMDC) is not yet included in the privatization list.
Senator Zeeshan Khanzada asked why the institution is being privatized. Based on the decision of privatization, the senators further interrogated that the Ministry of Petroleum did not have the mandate of privatization of PMDC.
Regarding the Agricultural Development Bank Limited (ZTBL), the committee was informed that it was in a list of the ZTB2 approved by the government. Currently, the process of hiring the financial advisor is underway.
On the other hand, a meeting of the National Assembly’s Standing Committee for the cabinet was held in which a bill was considered to protect Khurshid Shah’s employees. In the meeting, Khurshid Shah suggested that the matter of regular employees be sent to Parliament and Parliament should decide regular employees.