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Federal Cabinet approves reforming of PIA

Federal Cabinet approves reforming of PIA

The Dilect: Pakistan’s Federal Cabinet on Tuesday approved reforming of Pakistan International Airlines (PIA) on the recommendation of the Privatization Division and privatization of First Women Bank. The cabinet in previous meeting had accorded approval to appointment of Financial Advisor for financial and administrative restructuring of PIA.

Reconstructing of PIA and Privatization of First Women Bank:

In a meeting led by Caretaker Prime Minister Anwaar-ul-Haq Kakar, the cabinet learned that the financial advisor had developed a financial reforming plan for PIA in accordance with international precedents, under which the airlines to be divided into two firms, Top-Co and Hold-Co.

Top-Co will incorporate PIA’s core businesses of engineering, ground handling, cargo, flight kitchen, and training, while Hold-Co will include Precision Engineering Complex, PIA Investment Limited, and other subsidiaries and properties. These steps will assist attract capital investors into PIA.

The cabinet also let the cabinet panel on privatization to address issues with the settlement of government-owned firms with PIA as soon as feasible.

Moreover, on Ministry of Privatization’s suggestion, Cabinet also allows privatization of First Women Bank.

Medical Reforms:

The cabinet granted suggestions for democratizing the cost of medicines that aren’t on the national list of essential medicines, based on the Ministry of National Health’s proposals.

Prices of medications other than essential medicines on the national list will exempt from the Drugs Act of 1976, and the Drug Pricing Policy 2018 will amended accordingly.

Furthermore, the Pakistan Medical and Dental Council will ensure that doctors do not provide vitamins, multivitamins, minerals, or over-the-counter medications to their patients.

The Drug Regulatory Authority will prepare a list of vitamins, multivitamins, minerals, and over-the-counter products in accordance with current worldwide standards, and it will also communicate with provincial governments about this.

The cabinet also accepted the Economic Coordination Committee’s conclusions at its February 1, 2024 meeting.

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