The national flag carrier, Pakistan International Airlines (PIA) has appointed former Air Vice Marshal Muhammad Amir Hayat as Chief Executive Officer (CEO) for one year.
According to the media reports, the appointment of former Air Vice Marshal Muhammad Amir Hayat as CEO was confirmed by the spokesperson of PIA Abdullah Khan while talking to a news agency. He had been the acting CEO since April 2022, after the former CEO’s retirement.
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The outgoing government announced last week that it intended to privatize the loss-making PIA, which has accumulated hundreds of billions of rupees in liabilities and arrears. The move would be consistent with an agreement reached with the International Monetary Fund (IMF).
Spokesperson Abdullah Khan further stated that the outgoing government could have appointed Hayat as CEO for three years, but Prime Minister Mian Muhammad Shehbaz Sharif decided to appoint him for one. The Cabinet Committee on Privatization also approved the hiring of a financial adviser to handle transactions concerning the Roosevelt Hotel in New York, a PIA Investment Limited asset, this week.
Pakistan International Airlines anticipates that flights to the United Kingdom would resume within the next three months. Due to a pilot licensing scam, services have been discontinued since 2020. As part of a $3 billion agreement with the IMF, Pakistan agreed to fiscal discipline plans, including the privatization of loss-making companies.
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