British conglomerate to assist PIA privatization as airline’s financial woes persist

People stand in queue as they wait their turn to buy flight tickets outside Pakistan International Airlines (PIA) office in Islamabad on July 1, 2020. (AFP/File)
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Updated 10 November 2023
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British conglomerate to assist PIA privatization as airline’s financial woes persist

  • Privatization Commission approved the appointment of Ernst & Young as financial adviser to help with the process
  • Pakistan International Airlines has struggled to stay solvent and offer smooth service to people for several years

ISLAMABAD: The Privatization Commission announced on Friday it had endorsed the appointment of a British conglomerate to assist with the privatization of Pakistan International Airlines (PIA) which has been struggling to stay solvent and provide smooth service to people for several years.

The national flag carrier canceled hundreds of domestic and international flights in recent weeks due to the financial crunch that made it increasingly difficult for it to continue its operations following the Pakistan State Oil’s decision to suspend fuel supply due to unpaid dues.

“The Privatization Board meeting, chaired by the federal minister for privatization Fawad Hasan Fawad, has concluded,” said an official statement circulated in Islamabad. “It approved the appointment of the financial adviser for the privatization of the PIA Corporation. A consortium led by Ernst & Young was declared the successful bidder.”

The statement added the board also appreciated the transparency of the procedure involved in making the selection.

PIA has received frequent financial bailouts in the past.

However, the country’s current interim administration refused to rescue it in August without a workable strategy to turn it into a viable business entity.

Last month, the government finally approved Rs8 billion ($28.8 million) financial support for the airline, giving the airline management hope that its flight operations would gradually normalize after getting the financial boost.


Peshawar church attack haunts Christians at Christmas

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Peshawar church attack haunts Christians at Christmas

  • The 2013 suicide attack at All Saints Church killed 113 worshippers, leaving lasting scars on survivors
  • Prime Minister Shehbaz Sharif vowed to protect religious minorities on Christmas, act against any injustice

PESHAWAR: After passing multiple checkpoints under the watchful eyes of snipers stationed overhead, hundreds of Christians gathered for a Christmas mass in northwest Pakistan 12 years after suicide bombers killed dozens of worshippers.

The impact of metal shards remain etched on a wall next to a memorial bearing the names of those killed at All Saints Church in Peshawar, in the violence-wracked province of Khyber Pakhtunkhwa.

“Even today, when I recall that day 12 years ago, my soul trembles,” Natasha Zulfiqar, a 30-year-old housewife who was wounded in the attack along with her parents, told AFP on Thursday.

Her right wrist still bears the scar.

A militant group claimed responsibility for the attack on September 22, 2013, when 113 people were killed, according to a church toll.

“There was blood everywhere. The church lawn was covered with bodies,” Zulfiqar said.

Christians make up less than two percent of Pakistan’s 240 million people and have long faced discrimination in the conservative Muslim country, often sidelined into low-paying jobs and sometimes the target of blasphemy charges.

Along with other religious minorities, the community has often been targeted by militants over the years.

Today, a wall clock inside All Saints giving the time of the blast as 11:43 am is preserved in its damaged state, its glass shattered.

“The blast was so powerful that its marks are still visible on this wall — and those marks are not only on the wall, but they are also etched into our hearts as well,” said Emmanuel Ghori, a caretaker at the church.

Addressing a Christmas ceremony in the capital Islamabad, Prime Minister Shehbaz Sharif vowed to protect religious minorities.

“I want to make it clear that if any injustice is done to any member of a minority, the law will respond with full force,” he said.

For Azzeka Victor Sadiq, whose father was killed and mother wounded in the blasts, “The intensity of the grief can never truly fade.”

“Whenever I come to the church, the entire incident replays itself before my eyes,” the 38-year-old teacher told AFP.