A key parliamentary body has issued a directive for the disclosure of all foreign assets owned by Pakistan International Airlines (PIA) as the government's privatization drive gains momentum. The Senate Standing Committee on Privatisation, in a meeting held on Thursday, sought comprehensive details to ensure transparency in the ongoing process.
Committee Reviews Progress on Major Sell-offs
The meeting, chaired by Senator Afnan Ullah Khan, focused on two major agendas: reviewing The Privatization Commission (Amendment) Bill, 2025 and examining the latest developments in the privatization of Pakistan International Airlines Corporation Limited (PIACL) and power Distribution Companies (DISCOs).
Officials from the Power Division informed the committee that the Gudu and Nandipur power plants are now ready for privatization. Regarding the DISCOs, it was revealed that older power generation companies (GENCOs) have either been sold as scrap due to obsolete machinery or are being operated under a Government-to-Government (G2G) framework.
Senator Khan questioned whether the provinces had been offered control of the DISCOs. The committee was told that the offer was made, but after the provinces refused, the federal government moved ahead with plans for their privatization. Members expressed concern over the future profitability of these utilities under private management.
Transparency Demanded in PIA's Asset Sale
The committee received a detailed briefing on the status of PIA's privatization. The Secretary of the Privatisation Commission stated that major obstacles previously hindering the airline's sell-off have been removed. He clarified that only PIA's core aviation business is being privatized, while valuable properties like the Roosevelt Hotel will remain government-owned.
A significant portion of the funds generated from the privatization will be injected back into the airline, which is facing acute financial shortages. To ensure a fair process, the committee chairman emphasized the need for complete transparency in the bidding. He specifically directed the Privatisation Commission to provide a complete list of all PIA's foreign properties, including their addresses and current market values, that are part of the sale.
New Entities Added to Privatization List
The committee was also informed that the privatization pipeline is expanding. Pakistan Minerals Development Corporation (PMDC), Saindak Metals Limited (SML), and National Insurance Company Limited (NICL) have been included in the active privatization list, though the process for these entities is still at a preliminary stage. The chairman directed that the committee be briefed again after the Cabinet Committee on Privatization grants its necessary approvals.
Regarding the proposed amendment bill, officials briefed that the changes are minor and intended to ensure legal uniformity and consistency with Supreme Court directives. The committee deliberated on the draft in detail.
The meeting was attended by Senators Bilal Ahmed Khan, Khalil Tahir, Umer Farooq, and Palwasha Mohammed Zai Khan. Senator Saleem Mandviwala attended as a special invitee.
