Minister for Information and Broadcasting Attaullah Tarar on Wednesday reaffirmed the government’s commitment to accelerating the privatization of loss making state-owned enterprises.

Addressing a news conference in Islamabad on Wednesday, alongside Advisor on Privatization Muhammad Ali, he said the journey to restore the lost glory of PIA has begun with its privatization, describing it as a historic moment.

He emphasized that PIA’s annual losses will no longer burden the national exchequer. He said the privatization process was carried out in a transparent and efficient manner.

Advisor on Privatization Muhammad Ali expressed confidence that the privatization of PIA will lead to improved service quality.

He emphasized that the private sector is the best to run such businesses. He was confident that private sector will invest in the PIA, induct new planes and revamp the existing fleet.

The Advisor said the privatization of PIA was completed due to the tireless efforts of all stakeholders over the last six months. He said Prime Minister Shehbaz Sharif, the Deputy Prime Minister Ishaq Dar and, COAS and Chief of Defense Forces Field Marshal Syed Asim Munir provided the guidance in this regard.

The Advisor on Privatization clarified that properties of PIA are not part of this deal. He said the government will get economic value of fifty-five billion rupees from this deal.

Muhammad Ali said the biggest asset of PIA is its landing rights. He said the airline currently operates on thirty destinations. He said out of eighteen planes of PIA which are currently operational, twelve are on lease and the remaining six are owned by PIA.

The Advisor also clarified that liabilities worth one hundred and eighty two billion rupees have been transferred to the PIA’s buyer.