The International Air Transport Association (IATA) Consultancy has proposed a five-year business plan to transform the national carrier, Pakistan International Airlines (PIA), into a profitable entity.
The IATA Consultancy proposed a five-year business plan – covering 2022 as the base year and going all the way to 2026 – to Finance Minister Shaukat Tarin and Federal Aviation Minister Ghulam Sarwar Khan on Tuesday.
It suggests financial restructuring, independent decision making, re-organisation of company structure, restrictions to core business, financial discipline and human resource (HR) rationalisation cost controls, according to Dawn newspaper.
It has been recommended that the airline should go for reviewing destinations, fleet planning exercises and network expansion thereby increasing PIA’s network spread and passenger uplift.
According to the English daily, the business plan preparation was commissioned by the Ministry of Finance last year consequent to the report by former special assistant to the prime minister on public enterprises reforms Dr Ishrat Husain.
Dr Husain’s report was termed as a complete restructuring plan for PIA with the objective to not only turn around PIA towards profitability, but also converting it into an agile business unit, focused on its core operations.
The International Air Transport Agency (IATA) consultancy services were hired for the purpose, which after one year developed a five-year corporate business transformation plan.