KARACHI: Pakistan International Airlines’ (PIA) recently-formed board of directors approved the airline’s privatization and restructuring plan on Tuesday.
According to the official release, the arrangement plan for the airline’s privatization and restructuring was accepted during the 83rd meeting of the PIA board of directors on March 25.
According to the statement, the board of directors will work with the Securities and Exchange Commission of Pakistan (SECP).
Meanwhile, the sources claim that the plan covered many suggestions for the future of the company’s workers.
Ernst & Young, a global financial advisory firm, was chosen by the government to draft the plan for the losing company, and it fulfilled this responsibility under the caretaker setup.
In an attempt to revive the flagging economy, the International Monetary Fund (IMF) has requested that the Pakistani government privatize the state-owned businesses that are losing money.
