Worldwide companies compete to invest in airports
Reputable foreign businesses are interested in working with Pakistan to outsource airport operations, and officials from these businesses are scheduled to visit this month to examine and discuss the plan.
Shehbaz Sharif brought up the issue of airport outsourcing during a cabinet meeting recently in an effort to improve management.
Since respectable foreign companies had shown interest and were scheduled to visit Pakistan this month, it was revealed that the Pakistani government was working with possible investors.
The cabinet was informed that while comparable bids for the airports in Lahore and Karachi were also being considered, the initial priority for outsourcing would be Islamabad International Airport.
In the second phase, the government intended to outsource the operations of the international airports in Karachi and Lahore.
The prime minister said he was happy with how Pakistan International Airlines (PIA) privatization plans were going and promised that they would be completed by the deadlines set.
On Saturday of last week, PIA shareholders approved the airline’s restructuring by July or August of 2024, anticipating that they would face no political opposition to the sale of the airline’s core operations, possibly to foreign investors, in order to raise money in accordance with the International Monetary Fund’s (IMF) recommendation.
The management of the national flag carrier informed shareholders during an extraordinary general meeting that the airline had recorded an operating profit for the first time in thirteen years.
In order to increase its profits from the lucrative routes, the management also predicted that flights on two important European routes, including one to Paris and another to a location in the UK, would resume by June.
A representative for PIA informed The Express Tribune that the airline conducted voting to obtain approval from its investors in order to separate PIA Corporation into two segments: a corporate concern and a non-core enterprise. This allowed PIA to become PIA Holding Limited.
The spokeswoman stated, “The shareholders overwhelmingly voted in favor of (creating) PIA Holding Company.”
The cabinet was informed at the meeting that Pakistan will receive the last installment of the current standby agreement, which is estimated to be worth $1.1 billion, after the IMF board meeting.
Furthermore, a new and expanded IMF aid program for Pakistan will be negotiated by Finance Minister Muhammad Aurangzeb and his staff. It was decided that this new initiative was essential to strengthening the national economy.
Although the meeting chairman acknowledged that the terms of the IMF program would provide difficulties, he emphasized the government’s dedication to protecting society’s underprivileged groups and stepping up measures to combat poverty.
In an effort to speed up the process, the premier indicated that consultants will be appointed by the end of April, praising the progress made in digitizing the Federal Board of Revenue (FBR) procedures.
He emphasized the necessity of information technology’s wider use while highlighting its critical role in a number of economic sectors, including manufacturing, commerce, mining, agriculture, and international trade.
Speaking at a recent review meeting for projects funded by the Special Investment Facilitation Council (SIFC), it was pointed out that although there was progress, major roadblocks prevented the projects from being implemented smoothly.
The PM promised to carry out thorough evaluations tailored to each industry in order to remove obstacles and guarantee project delivery on time.
He welcomed news of lessening inflationary pressures, predicting more economic stabilization, since SIFC initiatives were essential to reviving the economy.
Regarding the safety of Chinese engineers and laborers in Pakistan, the prime minister emphasized the need for prompt action in the wake of the sad Besham event that claimed the lives of five Chinese nationals and one Pakistani.
The PM stated that severe measures needed to be implemented in light of the recent terrible occurrences. He also added that guaranteeing the safety of Chinese citizens was crucial, particularly for the timely completion of current and future projects under the China-Pakistan Economic Corridor (CPEC) plan.
He reported to the cabinet on his visit to Dasu, his talks with the Chinese ambassador, and his meetings with representatives from the Ministries of Foreign Affairs and Interior, all of which were focused on implementing the best possible security measures by enlisting the aid of all pertinent national, local, and international organizations.
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.
