You are currently viewing Cabinet Approved Restructuring of PIA

Cabinet Approved Restructuring of PIA

Cabinet Approved Restructuring of PIA and Privatization of First Women Bank.

Pakistan International Airlines Restructuring Approved, First Women Bank Privatized: Key Cabinet Decisions

The Pakistani Cabinet has approved several key decisions with potential significant impacts on the country’s economy and industries.

Read More: PIA Reduces Ticket Prices for Umrah Flights

Here’s a breakdown of the major announcements:

PIA Restructuring:

  • Two-Company Structure: PIA will be divided into two entities: Top-Co, handling core operations like flight operations and ground handling, and Hold-Co, managing non-core assets like subsidiaries and properties.
  • Attracting Investors: This move aims to make PIA more attractive to capital investors, potentially leading to financial improvements.
  • Privatization Potential: While not explicitly stated, this restructuring could pave the way for future privatization of certain PIA assets.

First Women Bank Privatization:

  • Government Exits Ownership: The cabinet approved the privatization of First Women Bank Limited, further opening up the country’s financial sector.
  • Details Unknown: Specific details about the privatization process and potential buyers are yet to be disclosed.

Deregulation of Medicine Prices:

  • Exempting Non-Essential Medicines: Prices of certain medicines not included in the national list of essential medicines will be deregulated.
  • Changes to Drug Pricing Policy: Amendments to the Drug Pricing Policy 2018 are expected to facilitate this deregulation.
  • Concerns about Accessibility and Affordability: Potential impacts on medication affordability and accessibility for certain patient groups raise concerns.

Additional Cabinet Decisions:

  • Approved Economic Coordination Committee (ECC) decisions from February 1st, 2024 (details not provided).

The Pakistani Cabinet has approved several appointments, foreign awards, and changes within the legal system. Here’s a summary:

Military Appointments:

  • Lt. General Tahir Hameed Shah: Appointed as member and chairman of the Pakistan Ordnance Factories Board, effective November 29, 2023.

Foreign Recognition Awards:

  • Major Abid Mansoor Khan: Awarded “Note-e-Shujaat” and “Note-e-Sharf” from Saudi Arabia’s Ministry of Defense.
  • Protocol Officer Mohammad Ashraf Khan: Awarded a gold medal from the Austrian government.
  • Air Commodore Syed Imran Ali: Awarded the “Defense Cooperation Award First Class” from Japan.

Legal System Changes:

  • Peshawar High Court: Four of eight accountability courts converted into special courts, with remaining courts continuing their functions.
  • Judge Appointments: Judges for the new special courts approved based on Chief Justice’s proposal.
  • Financial Impact: Changes deemed not to incur additional costs on the national exchequer.

Note: The information above might not be accepted 100%. Please verify from your own sources. We will not be responsible for any kind of loss due to our content.

For more news, please visit Munafa Marketing.

Leave a Reply