PIA and DISCOs Privatisation to be Finalized by End of 2024, Says Finance Minister

Finance Minister Muhammad Aurangzeb announced that the government is aiming to complete the privatisation of Pakistan International Airlines (PIA) and three power distribution companies (Discos) by the end of 2024.

The PIA privatisation process, initially delayed until October 31, has faced challenges including low bidder interest, legal disputes, and an ageing fleet.

Aurangzeb also provided updates on the gradual outsourcing of Islamabad and Karachi airports, alongside the restructuring of ministries, set for completion by the next fiscal year. He mentioned ongoing discussions with Chinese officials to re-profile debt related to China-Pakistan Economic Corridor (CPEC) projects.

At a press conference, Aurangzeb expressed confidence in Pakistan’s economic recovery, highlighting the importance of structural reforms in sectors such as energy and taxation. He noted that inflation had eased and signalled improvements in the banking sector, which would bolster investment.

Furthermore, Aurangzeb stated that the current programme with the International Monetary Fund (IMF) could be Pakistan’s last, contingent on the successful implementation of reforms.

Efforts to increase registered taxpayers, improve tax-to-GDP ratios, and enhance efficiency in the energy sector are key focuses of the government, according to the minister.