Finance Minister Muhammad Aurangzeb has reiterated the government’s commitment to privatizing Pakistan International Airlines (PIA) and three power distribution companies (Discos) by the end of 2024.

During a recent interview with a private channel, Aurangzeb stated that the current administration aims to finalize the privatization of PIA and three Discos before the year concludes.

The privatization of PIA, originally scheduled for completion by October 1, has been delayed until October 31 due to insufficient bidder interest, ongoing legal cases, an aging fleet, and concerns from civil aviation authorities.

He also mentioned that the government is focused on the privatization of non-performing units and implementing reforms in the power sector.

All necessary measures have been taken to meet these goals. The outsourcing of Islamabad and Karachi airports will be done in phases, he noted, and the restructuring and streamlining of certain ministries and departments will be completed before the next fiscal year.

Responding to a question about issues facing Independent Power Producers, he said that discussions are underway with Chinese authorities on re-profiling debt, alongside China Pakistan Economic Corridor (CPEC) projects.

He emphasized that all efforts are being made to strengthen Pakistan’s economic sector.