Pakistan aims to privatize flag carrier in November: Finance Minister

Pakistan is hoping to finalize both the delayed privatization of its flag carrier and the outsourcing of Islamabad's international airport in November, the country's finance minister said Wednesday. Muhammad Aurangzeb, who took office earlier this year, spoke to AFP at the World Bank's headquarters in Washington, where he is attending the annual meetings of the International Monetary Fund and the World Bank. During a previous interview with AFP in April, Aurangzeb had said he hoped the privatization of the government-owned Pakistan International Airlines (PIA) could be completed by June 2024. Speaking Wednesday, the finance minister said the five-month delay was down to two factors: ensuring macroeconomic stability, and doing the proper due diligence of the interested parties. "The reality is, when any foreign investor comes in, or even the local investor, who are going to put in a substantial amount of money, they want to ensure that the foundation is there," he said, referring to macroeconomic factors. Aurangzeb noted that potential bidders for both PIA and Islamabad airport also required scrutiny, another factor in the delay. "Therefore it's ultimately the cabinet which approved the extension in the timelines so people can do their due diligence before they make these submissions," he said. Aurangzeb said Pakistan had been behind on existing profit and dividend repayments when the current government took office, and had taken steps to remedy that after making progress on macroeconomic stability.<br/>