KARACHI: Pakistan's flag carrier, Pakistan International Airlines, has appointed former Air Vice Marshal Muhammad Amir Hayat as CEO for one year, a PIA spokesperson told Reuters.
This week, the outgoing government said it planned to privatize loss-making PIA, which has accumulated hundreds of billions of rupees in losses and arrears. The move would be in line with an International Monetary Fund (IMF) deal.
Hayat had been the acting CEO since April 2022, after the former CEO's retirement.
The government could have appointed Hayat as CEO for three years, but the prime minister decided to appoint him for one, said PIA spokesperson Abdullah Khan.
This week, the Cabinet Committee of Privatisation also backed the hiring of a financial adviser to process transactions involving the Roosevelt Hotel in New York, an asset of PIA Investment Limited.
PIA hopes to resume flights to the United Kingdom in the next three months. Services have been suspended since 2020 amid a pilot licensing scandal.
Pakistan agreed to fiscal discipline plans as part of a $3 billion arrangement with the IMF, including the privatization of loss-making assets.
Pakistan's flag carrier appoints new CEO as it braces for privatisation
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Pakistan's flag carrier appoints new CEO as it braces for privatisation
- Pakistan International Airlines appoints former Air Vice Marshal Muhammad Amir Hayat as CEO for a year
- PIA has accumulated hundreds of billions of rupees in losses, privatization would be in line with IMF deal
Pakistani, Bangladeshi officials discuss trade, investment and aviation as ties thaw
- Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war
- Ties between Pakistan, Bangladesh have warmed up since last year and both nations have resumed sea trade
ISLAMABAD: Pakistan's High Commissioner to Bangladesh Imran Haider on Sunday met Chief Adviser Muhammad Yunus in Dhaka, the latter's office said on, with the two figures discussing trade, investment and aviation.
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
Ties between Pakistan and Bangladesh have warmed up since former prime minister Sheikh Hasina’s ouster as a result of a student-led uprising in August 2024. Relations remain frosty between Dhaka and New Delhi over India’s decision to grant asylum to Hasina.
Pakistan has attempted to forge closer ties with Bangladesh in recent months and both South Asian nations last year began sea trade, followed by efforts to expand government-to-government commerce.
"During the meeting, both sides discussed ways to expand cooperation in trade, investment, and aviation as well as scaling up cultural, educational and medical exchanges to further strengthen bilateral relations between the two South Asian nations," Yunus's office said in a statement on X.
In 2023-24 Pakistan exported goods worth $661 million to Bangladesh, while its imports were only $57 million, according to the Trade Development Authority of Pakistan. In Aug. this year, the Pakistani and Bangladeshi commerce ministries signed a memorandum of understanding to establish a Joint Working Group on Trade, aiming to raise their bilateral trade volume to $1 billion in the financial year that began in July.
The Pakistani high commissioner noted that bilateral trade has recorded a 20 percent growth compared to last year, with business communities from both countries actively exploring new investment opportunities, according to the statement.
He highlighted a significant increase in cultural exchanges, adding that Bangladeshi students have shown strong interest in higher education opportunities in Pakistan, particularly in medical sciences, nanotechnology, and artificial intelligence. Haider also said that Dhaka-Karachi direct flights are expected to start in January.
"Chief Adviser Professor Muhammad Yunus welcomed the growing interactions between the two countries and emphasized the importance of increased visits as well as cultural, educational and people-to-people exchanges among SAARC (South Asian Association for Regional Cooperation) member states," the statement read.
"Professor Yunus also underscored the need to further boost Bangladesh–Pakistan trade and expressed hope that during Mr. Haider’s tenure, both countries would explore new avenues for investment and joint venture businesses."
