Federal Cabinet Approves Restructuring of PIA

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

The Federal Cabinet, which met in Islamabad with Caretaker Prime Minister Anwaar-ul-Haq Kakar in the chair, also consented appointment of a financial advisor for the financial and administrative reorganization of PIA.

The cabinet was informed that a financial adviser had devised a plan to split PIA into two companies: Top-Co and Hold-Co. Top-Co would include PIA’s core operations of engineering, ground handling, cargo, flight kitchen and training, while Hold-Co would comprise other entities and properties such as Precision Engineering Complex and PIA Investment Limited.

The cabinet approved the restructuring plan, which is expected to attract investors to PIA, and directed the Cabinet Sub-Committee on Privatization to deal with the issues related to PIA and other government-owned institutions as soon as possible.

Deregulation of medicine prices

On the recommendation of the ministry of national health, the cabinet approved the proposals to de-regulate the prices of medicines that are not included in the national list of essential medicines. This means that the prices of drugs other than essential medicines will be exempted from the Drugs Act, 1976 and the Drug Pricing Policy 2018 will be amended accordingly.

The cabinet also decided that the Pakistan Medical and Dental Council and the Drug Regulatory Authority will ensure that vitamins, multivitamins, minerals and over-the-counter products are not prescribed to patients by doctors and are listed as per the international standards. The Drug Regulatory Authority will also coordinate with the provincial governments on this matter.

POF Board Chairman

The cabinet approved the appointment of Lt. Gen. Tahir Hameed Shah as a member and chairman of the Pakistan Ordnance Factories Board, effective from November 29, 2023, on the recommendation of the Ministry of Defense Production

First Women Bank Limited

The cabinet also approved the privatization of First Women Bank Limited, a state-owned bank that provides financial services to women entrepreneurs.

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