ISLAMABAD: Pakistan’s federal cabinet, with Caretaker Prime Minister Anwaar-ul-Haq Kakar in the chair, approved a restructuring plan for Pakistan International Airlines (PIA).
During the meeting held in Islamabad on Tuesday, the federal cabinet also greenlighted the privatization of First Women Bank Limited. Moreover, it endorsed the appointment of a financial advisor to oversee the financial and administrative reorganization of PIA, reported state-run Radio Pakistan.
As part of the restructuring, PIA will be divided into two separate entities: TopCo and HoldCo. TopCo will oversee essential operations such as basic engineering, ground handling, cargo, flight kitchen, and training. Meanwhile, HoldCo will manage departments like PIA Investment, Precision Engineering Complex, subsidiaries, and properties. These measures aim to attract potential investors to PIA.
Furthermore, the cabinet authorized the conversion of four out of eight accountability courts in Peshawar into special courts, with the remaining courts retaining their functions as accountability courts. This decision, along with the approval of Chief Justice Peshawar High Court’s proposal regarding the appointment of judges, is expected to have no additional financial burden on the national exchequer.
Additionally, the cabinet approved the deregulation of prices for medicines not included in the National List of Essential Medicines. Under this proposal, non-essential medications will be exempted from the Drugs Act of 1976, with necessary amendments to the Drug Pricing Policy, 2018. The Pakistan Medical and Dental Council will ensure that doctors refrain from prescribing vitamins, multivitamins, minerals, and over-the-counter products to patients.
