A positive and reassuring development has been announced for employees of PIA. Well-known businessman and investor Arif Habib has confirmed that no PIA employee will lose their job for at least the next one year.
This statement has brought relief to thousands of workers who were worried about layoffs during the airline’s privatization process.
In an interview, Arif Habib explained that PIA’s long-term financial problems were mainly caused by heavy debt and high interest payments. Over the years, the airline’s liabilities continued to grow under government guarantees.
At one stage, PIA’s total debt reached nearly Rs800 billion, which made it very difficult for the airline to operate efficiently or recover financially.
He further shared that the airline’s first attempt at privatization was unsuccessful. The main reasons were weak management systems, high interest rates, and poor economic conditions at the time. These factors discouraged investors and made the process difficult to complete.
However, Arif Habib said the situation has now improved. Lower interest rates, a more stable value of the Pakistani rupee, and controlled oil prices helped create a more favorable environment for investors. He added that better planning and an improved management structure also played an important role in making the latest privatization attempt successful.
According to him, economic stability and stronger decision-making helped restore investor confidence. With these changes in place, the airline now has a better chance to improve performance while protecting employees’ jobs. This announcement is being seen as a hopeful step forward for PIA and its workforce.
