Cabinet approves restructuring of PIA, privatization of First Women Bank

The Federal Cabinet has approved restructuring of Pakistan International Airlines and privatization of the First Women Bank Limited.

The Federal Cabinet, which met in Islamabad Tuesday with Caretaker Prime Minister Anwaar-ul-Haq Kakar in the chair, also consented appointment of a financial advisor for financial and administrative reorganization of PIA.

The cabinet was informed that PIA will be bifurcated into two companies namely TopCo and HoldCo. Basic engineering operations, ground handling, cargo, flight kitchen and training will be attached with TopCo, while departments like PIA Investment, Precision Engineering Complex and other subsidiaries as well as properties will be put under HoldCo. These measures will help attract investors to PIA.

Besides, the cabinet directed its sub-committee on Privatization to dispose of matters related to state-owned entities' claims of undecided amounts on the national flag carrier at the earliest.

The cabinet also allowed conversion of four out of eight accountability courts in Peshawar into special courts.

Apart from this, the proposal of Chief Justice Peshawar High Court has been approved regarding the appointment of judges in these courts. The remaining courts will continue to function as accountability courts. These changes will not put any additional burden on the national exchequer.

The Federal Cabinet approved the de-regulation of prices of medicines which are not included in the National List of essential medicines.

Under these proposals, prices of medicines other than essential ones will be exempted from the Drugs Act, 1976 and necessary amendments will be made in the Drug Pricing Policy 2018.

Pakistan Medical and Dental Council will ensure that doctors do not prescribe vitamins, multivitamins, minerals and over-the-counter products to patients.