Haris Zamir
Business Editor
Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)
A Pakistan International Airlines plane seen in flight
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The Pakistan International Airlines (PIA) — the national flag carrier — will be privatized by October 1, Secretary Privatization Commission Jawad Paul said on Monday.
He informed the Senate Standing Committee on Privatization that the airline's due diligence would be completed in September.
Two proposals for the airline's employees were being considered, he said, elaborating that they would either be laid off immediately or in phases over three years.
The government has previously said it would sell a stake between 51-100% as part of reforms mandated by the International Monetary Fund (IMF).
The international lender wants Pakistan to reduce liabilities and losses of state-run companies, losses from which have reached PKR 1000 billion.
The government has recently also planned to close down other units, including Utility Stores and National Fertilizer Corporation.
The national airline has racked up billions of rupees in losses — around $1.8 billion in the last five years — among other issues, including a fake pilot licenses scandal which resulted in a ban by the European Union's Aviation Safety Agency.
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