A five-year proposed business plan to turn around the fortunes of Pakistan International Airlines (PIA) has been unveiled. The program suggests independent decision making, financial restructuring, restrictions to core business, reorganisation of company structure, financial discipline, and human resource (HR) rationalisation cost controls.
The plan also calls for fleet planning exercises, reviewing destinations, and network expansion to increase PIA’s network spread and passenger uplift.
The business plan for the national flag carrier covers 2022 as the base year and goes all the way to 2026. It was presented by IATA Consultancy to Shaukat Tarin – the Finance Minister. The Federal Minister of Aviation was also present on occasion on Tuesday.
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According to media reports, the Ministry of Finance commissioned the business plan. The development happened after a report by former special assistant to the PM on public enterprises reforms, Dr. Ishrat Husain.
It is pertinent to state that Dr. Husain’s report was termed a complete restructuring plan for PIA with the aim to turn around PIA towards profitability. Moreover, his report also called for converting the national flag carrier into an agile business unit, restructuring its core operations.
It is also essential to mention that the consultancy services of the International Air Transport Agency (IATA) were hired for the purpose, leading to the development of a five-year corporate transformation plan.