Pakistan is to engage foreign operators to run major airports

Islamabad: Pakistan is looking for foreign operators to run its major airports as the country is neck-deep in economic crisis, ANI reported.

The finance minister Ishaq Dar held the meeting of a committee being tasked to engage foreign operators.

The committee was asked to finalise the process to outsource the operations for Islamabad International Airport (IIA) by August 12.

The news agency ANI reported citing newspaper Dawn that the minster assessed the progress of outsourcing as August 12 is the final day of the incumbent government’s term.

The committee was given detailed directions about the process and procedures for outsourcing with IIA as a priority.

The World Bank's International Finance Corporation (IFC), which is the transaction adviser for the outsourcing, briefed the meeting on the progress, the report said.

In order for the process to streamline, Dar wants changes to aviation laws approved by the month-end.

The IFC also briefed the committee with a presentation on how to take future course of action as regards outsourcing IIA operations.

The decision to outsource airport comes as the country’s foreign exchange reserves touched rock bottom.

The cash-strapped nation is bolstered by an IMF loan, which is not adequate enough to kick start the economy.

On March 31, the Economic Coordination Committee resolved to find foreign operators to run operations and land assets at Islamabad, Lahore, and Karachi airports for 25 years.

The public-private partnership operation is expected to generate foreign exchange for the country.