On the Privatisation Commission’s suggestion, the Federal Cabinet on Tuesday authorised Pakistan International Airlines’ (PIA) reorganisation.
The Federal Cabinet approved the hiring of a financial advisor for the PIA’s financial and administrative reorganisation at a meeting in Islamabad, which was presided over by Caretaker Prime Minister Anwaar-ul-Haq Kakar.
A financial expert presented the government with a proposal to divide PIA into two companies: Hold-Co and Top-Co. Hold-Co would consist of other businesses and properties, including Precision Engineering Complex and PIA Investment Limited, while Top-Co would consist of PIA’s main activities, which include engineering, ground handling, cargo, flight food, and training.
The Cabinet Sub-Committee on Privatisation was instructed to address PIA and other government-owned institution-related matters as quickly as feasible after the cabinet approved the restructuring plan, which is anticipated to draw investors to PIA.
Price deregulation for medications
The plans to de-regulate the costs of medications not on the national list of essential medicines were accepted by the cabinet on the advice of the minister of national health. This indicates that the Drug Pricing Policy 2018 will be modified to reflect the exclusion of non-essential medication pricing from the Drugs Act of 1976.
The cabinet also resolved that the Drug Regulatory Authority and the Pakistan Medical and Dental Council would guarantee that over-the-counter medications, vitamins, multivitamins, minerals, and other items are listed in accordance with international standards and are not given to patients by medical professionals. On this issue, the Drug Regulatory Authority will work in tandem with the provincial governments.
POF Board Head
On the suggestion of the Ministry of Defence Production, the cabinet authorised Lt. Gen. Tahir Hameed Shah’s nomination as a member and chairman of the Pakistan Ordnance Factories Board, which would take effect on November 29, 2023.
First Women’s Bank, Inc.
First Women Bank Limited, a state-owned bank that offers financial services to female entrepreneurs, was also authorised for privatisation by the cabinet.
