Failed PIA privatization costs national exchequer over $4 million

Despite the fact that the Pakistan International Airlines (PIA) could not be privatized despite hectic efforts made by the government, the steps taken in this direction cost the national exchequer well $4 million, reported 24NewsHD TV channel on Thursday.

The formulation of the privatization plan cost over $0.6 million, while its finalization over $0.9 million.

Similarly, the government had to pay over $313,000 for the plan’s approval, while over $626,000 for getting a greenlight from the Securities and Exchange Commission of Pakistan (SECP). 

Likewise, over an amount of $20 million was spent on the steps taken for the distribution of the airline’s assets, repayment of its loans, bidding and prequalification.     

Reporter: Tayyab Saif