ISLAMABAD: The federal government has reportedly paid over Rs. 1 billion to a financial advisor tasked with the privatization of Pakistan International Airlines (PIA), despite their failure to successfully complete the sale of the national carrier.
According to official sources, the advisor was engaged to oversee the privatization process and attract potential investors. However, after months of efforts, no successful deal was finalized, raising concerns over the massive expenditure from the national exchequer.
The revelation has sparked criticism from opposition parties and economic experts, who question the government’s decision to make such a hefty payment without achieving the desired results. Critics argue that the ongoing financial struggles of PIA, combined with its rising debts, require a more strategic and effective approach rather than spending billions on unsuccessful advisory services.
The government had initially planned to sell off PIA to ease the burden on public finances, as the airline continues to operate under heavy losses. However, due to a lack of interest from potential buyers and legal hurdles, the privatization process remains stalled.
The caretaker government had assured transparency and efficiency in PIA’s privatization, but the failure to sell the airline, despite significant payments to advisors, has raised serious questions. Many are now calling for an audit of the financial transactions related to the privatization efforts.
With PIA’s future still uncertain, stakeholders are urging the government to reevaluate its approach to rescuing the airline while ensuring public funds are utilized more effectively.
