The News reported on Thursday that the Pakistan Peoples’ Party (PPP) has voiced its objection to the government of Prime Minister Shehbaz Sharif’s privatization plan for Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM), marking a rather important political move.
PPP Chairman Bilawal Bhutto Zardari made this statement during a Labor Day celebration in Karachi. He claimed that his party would work to persuade Finance Minister Muhammad Aurangzeb to run the national carrier through a public-private partnership rather than privatizing it.
Recall that in an effort to revive the faltering economy, Islamabad has been urged by the International Monetary Fund (IMF) to privatize the state-owned businesses that are bleeding badly.
FinMin Aurangzeb has also emphasized the importance of the “essential” privatization of businesses that generate losses on multiple occasions.
Historically, elected administrations have resisted implementing unpopular policies, such as selling the flag carrier. However, in June 2023, Pakistan—which was going through a severe economic crisis—agreed to restructure financially failing state-owned businesses in exchange for a $3 billion rescue from the Fund.
