KARACHI: A proposed five-year business plan to turnaround Pakistan International Airlines (PIA) suggests financial restructuring, independent decision-making, reorganization of corporate structure, restrictions on core business, financial discipline and controls human resources (HR) rationalization costs.
The proposed plan also includes reviewing destinations, fleet planning exercises and network expansion, thereby increasing the spread of PIA’s network and increasing the number of passengers.
The flag carrier’s comprehensive business plan – covering 2022 as the baseline year and extending to 2026 – was presented by IATA Consultancy to Finance Minister Shaukat Tarin and Federal Aviation Minister Ghulam Sarwar Khan on Tuesday.
The preparation of the business plan was commissioned by the Ministry of Finance last year following the report by the former special assistant to the prime minister on public enterprise reforms, Dr Ishrat Husain, according to a statement.
Dr. Husain’s report has been called a comprehensive restructuring plan for PIA with the aim of not only transforming PIA towards profitability, but also converting it into an agile business unit, focused on its core businesses.
The consulting services of the International Air Transport Agency (IATA) were engaged for this purpose, which, after one year, developed a five-year business transformation plan.
Posted in Dawn, February 2, 2022