Malik Mohammad Bostan, Chairman of the Exchange Association of Pakistan, the representative body of money changers in Pakistan, has hailed the government’s transparent process of privatizing PIA (Pakistan International Airlines), calling it a positive step toward the country’s better future. He stated that the country’s economy is undoubtedly moving towards stability, and the continued transparent privatization of PIA will bring more investment into Pakistan.
He expressed happiness over the possibility of the military fertilizer sector joining the Arif Habib Consortium. He further stated that the government’s policies, laws, and procedures were strictly followed and that international best practices were implemented during the privatization process. As a result, the transparent privatization process has been completed, and it is hoped that the Cabinet will approve the PIA privatization without delay.
Malik Mohammad Bostan congratulated Arif Habib, the head of the successful bidder, Arif Habib Consortium, for securing 75% of the shares in the privatization process, and praised the government for completing the first phase of privatization in a transparent and speedy manner. He mentioned that all the business entities involved in the privatization process had strong reputations and trustworthiness. He also appreciated the personal efforts of Prime Minister Shehbaz Sharif in achieving this milestone in the privatization of the national airline. According to Bostan, the government’s trust in the business community will yield positive and long-term results.
He emphasized the urgent need to privatize loss-making state-owned enterprises to reduce the burden on the national exchequer. Pakistan is incurring annual losses of billions of rupees due to deficits at government-run institutions, and it is critical to privatize these institutions to minimize the financial strain swiftly.
Malik Mohammad Bostan further stated that comprehensive reforms in the energy sector cannot be achieved without the privatization of DISCOs (Distribution Companies). He highlighted that until key sectors, such as energy, are handed over to the private sector, the positive outcomes of economic reforms will not materialize. He expressed hope that the government will also privatize the electricity distribution companies after the successful privatization of PIA.
He concluded by stating that Arif Habib Group is a reliable business entity in Pakistan, and he is confident that they will restore PIA to its former glory.
