Expediting process of privatisation key to Pakistan’s economic revival: minister

ISLAMABAD: Minister for Privatization Fawad Hassan Fawad on Monday said expediting the process of privatization is the key to Pakistan’s sustained economic revival.

In a tweet, the minister said that during his meeting with Caretaker Prime Minister Anwaar ul Haq Kakar in Islamabad, he assured to do everything within his capacity to deliver to the best interests of Pakistan.

Fawad Hassan Fawad said the prime minister asked him to put in every effort for reducing public sector losses.

On September 15, banks had extended crucial financial support to the national flag carrier in response to the decision to privatize Pakistan International Airlines (PIA).

Sources familiar with the situation had disclosed that banks have granted a loan of Rs 18 billion to PIA to address its immediate financial obligations.

This loan will cover essential payments necessary for the airline’s day-to-day operations and is expected to sustain PIA for seven to ten days.