PIA privatization sends strong signal to global investors: Khurram Shahzad

ISLAMABAD, Dec 24 (APP):Advisor to the Finance Minister Khurram Shahzad said on Wednesday that the privatization of Pakistan International Airlines (PIA) marked a major structural reform and sent a strong message to global investors about Pakistan’s seriousness in fixing its economy.
Talking to a private news channel, he said PIA had long been a loss-making entity burdened with heavy debt and sustained through public funds, but its privatization was executed in a disciplined and transparent manner.
He termed the transaction a signal to international markets that Pakistan was committed to economic reform and investor-friendly policies.
Shahzad credited the successful process to coordinated efforts by the Privatization Commission, its board, management, and the finance ministry.
He said the government had taken four major reform decisions in the past six months, including the closure of Utility Stores Corporation, the restructuring of PASSCO, Privatization of First Women Bank Limited (FWBL) and now the PIA.
The latest transaction was historic and likely to be recorded as a milestone in Pakistan’s economic recovery, he added.
Shahzad further said these reforms had begun restoring investor confidence, encouraging both local and foreign investment, and strengthening Pakistan’s overall economic outlook.