Pakistan senate rejects PIA airline sale

Pakistan's upper house of parliament has rejected a bill to sell the cash-strapped national carrier, Pakistan International Airlines. Loss-making state enterprises drain about USD$5 billion from the state every year, around an eighth of the government's fiscal revenues of about INR4 trillion rupees (US$38.2b) last year. The bill now goes to a joint session of parliament next week, where it is expected to pass, because Prime Minister Nawaz Sharif’s ruling party holds a majority in the combined assembly. "Government advisers have failed to present a revival plan for Pakistan International Airlines (PIA), instead their complete focus is on privatisation," opposition Senator Saleem Mandviwalla said. The sale of 68 state-owned companies, among them loss-making enterprises such as PIA, is a crucial part of the 2013 IMF bailout and was meant to put the country's finances back on track.<br/>