Islamabad: Finance Minister Muhammad Aurangzeb said on Sunday that the privatization of Pakistan International Airlines (PIA) is expected by the end of June or early July, with Islamabad airport potentially following suit shortly after, Dawn reported.

During a news briefing at the Pakistan Embassy, Washington DC, Aurangzeb said that "the government has no business being in business," explaining the government's plan to divest from state-owned enterprises (SOEs).

"We expect the bids for PIA to come in the next two to three weeks, and by the end of June or early July, we can move it to the investors," he said. "The Islamabad airport would be the next," he added, "followed by the airports in Karachi and Lahore."

According to Dawn, Aurangzeb remained silent when asked regarding whether Pakistan was also selling its skies to the bidders.

Airlines pay overflight fees to the governments of each country they fly over on their routes. This covers the use of air traffic control and other navigation services

The minister left unclarified whether the government intends to retain partial ownership in PIA post-privatization or opt for a complete divestment of shares, as per Dawn.

Meanwhile, On April 5, ARY News reported that federal government is contemplating selling the majority shares of Pakistan International Airlines.

The Privatisation Commission will decide on the number of shares the government will sell as it nears the conclusion of the PIA privatisation process, Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani said during his appearance on ARY News show 'KHABAR'.

Wrapping up his visit to Washington on Sunday, Aurangzeb concluded a packed week comprising 62 meetings, explaining decisions, making pledges, and seeking understanding with multilateral and bilateral donors.

During the week, the finance minister and his delegation attended the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

Additionally, they engaged in a series of bilateral discussions with visiting finance ministers, heads of financial institutions, and high-ranking US officials.

Aurangzeb's meeting with US Assistant Secretary of State Donald Lu gathered significant attention in Pakistan, especially amid former Prime Minister Imran Khan's allegations of Lu's involvement in his government's downfall. When questioned about this specific meetng, Aurangzeb clarified that visitors do not determine whom they meet; rather, it is the hosts who decide.

During the news conference at the Pakistan Embassy, Washington DC, Aurangzeb reiterated his position that Pakistan did not need new prescriptions to fix its economy, stating, "We need to implement the plans we make," adding that he highlighted three main planks of his economic strategy which includes expanding the tax net, implementing energy reforms, and privatising the SOEs.

Further explauinig his statment he said that, government had prepared short, medium, and long-term strategies for expanding the tax net.

"It's quite clear that there's a gap between policies and implementation," remarked Aurangzeb when asked why Pakistan has failed to resolve this long-standing issue.

"For instance, litigation in the tribunals, manned by the FBR and the law ministry, took forever," he added.

"We have asked them to make decisions in the next three or four months, even if it goes against us," he said. "We have also shortlisted consultants for end-to-end digitalisation, which would definitely improve tax collection."

He said the government was also expediting the process for identifying people who lived beyond their means, and they would soon be brought under the tax net.

He stressed that providing energy petrol, gas, electricity to both domestic and commercial consumers was necessary for uplifting the economy. "If we cannot get this right, we cannot increase our exports," he said.

Mr Aurangzeb said the government was already taking steps to stop leakages and theft of electricity and to move distribution into the private sector. "The direction is very clear," he declared.

This report is auto-generated from a syndicated feed