HomeBusinessThe government approved the restructuring of PIA IG News

The government approved the restructuring of PIA IG News


The Interim Federal Cabinet on Tuesday approved the restructuring of Pakistan International Airlines (PIA).

The Cabinet, which met in Islamabad under the leadership of Caretaker Prime Minister Anwaarul Haq Kakar, also approved the privatization of First Women Bank Limited. It also agreed to appoint a financial advisor for the financial and administrative reorganization of PIA, Radio Pakistan reported.

The cabinet was informed that PIA will be split into two companies namely TopCo and HoldCo. Basic engineering operations, ground handling, cargo, flight galley and training will be merged with TopCo, while divisions such as PIA Investment, Precision Engineering Complex and other subsidiaries and real estate will be incorporated into HoldCo. These measures will help attract investors to PIA.

The cabinet also allowed conversion of four of the eight accountability courts in Peshawar into special courts.

In addition, the proposal of the Chief Justice of Peshawar High Court regarding the appointment of judges in these courts was approved. The remaining courts will continue to function as responsible courts. These changes will not put an additional burden on the state treasury.

The government has approved the deregulation of the prices of medicines that are not included in the national list of essential medicines.

Under these proposals, the prices of medicines, other than essential ones, will be exempted from the Drugs Act 1976 and the necessary changes will be made in the Medicines Prices Policy 2018.

The Pakistan Medical and Dental Council will ensure that doctors do not prescribe vitamins, multivitamins, minerals and over-the-counter products to patients.

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