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.
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