Islamabad [Pakistan], August 30 : The privatization process of the debt-ridden Pakistan International Airlines (PIA) will be completed by October 1, Privatisation Commission Secretary Usman Akhtar Bajwa told Senate Standing Committee on Privatisation, Dawn reported.
Bajwa said that the PIA's deficit had reached PKR (Pakistani Rupees) 500 billion, Dawn reported.
"Whoever buys the PIA will also have to clear liabilities of PKR 200 billion and spend PKR 400 million on ship repairs and other issues," Dawn quoted Bajwa as saying.
He said that six companies were finalised for PIA bid- Fly Jinnah, Air Blue, Arif Habib Corporation, YB Holdings, Pak Ethanol and Blue World City, Dawn stated.
Bajwa stated that Pakistan's Prime Minister Shehbaz Sharif did not want to postpone the process further. "We are trying not to let the date exceed," Dawn reported, quoting Bajwa.
Bajwa added that the buyer would have to cough up PKR 80 billion and the airline was close to "not functioning at all".
The National Assembly's standing committee on aviation informed on July 6 that the privatization process is almost complete.
According to a statement issued, the Civil Aviation Authority (CAA) currently operates 22 out of 43 airports, including 13 international ones, and has been experiencing budget constraints on the development side for several years.
Earlier on August 4, Pakistan International Airlines (PIA) has taken action against Deputy Station Manager based in Birmingham after an investigation revealed discrepancies in their educational qualifications.
The airline's Deputy Station Manager, Javed Iqbal Bajwa, was found to have submitted a fake intermediate certificate.
This discovery was made after PIA sent Bajwa's educational documents to the relevant authorities for verification, prompting the airline to issue a show-cause notice to him, as per ARY News.
The deputy station manager in Birmingham has been given seven days to provide a written response and proof of the authenticity of his certificate. "Failure to do so may result in disciplinary action," the show-cause notice added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor