ISLAMABAD – The government on Wednesday has approved to carry out the forensic audit of the Pakistan International Airlines Corporation Ltd (PIACL) through a well-reputed private sector firm after following PPRA rules.

The decision of carrying out forensic audit was taken in the meeting of Cabinet Committee on State Owned Enterprises (CCOSOEs), which was chaired by Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar. The Secretary Finance further apprised that PIACL has informed that a special audit of the Pakistan International Airlines (including its subsidiaries) was conducted by the Auditor General of Pakistan. Therefore, it was recommended that forensic audit of the PIACL may be carried out through a well-reputed private sector firm after following PPRA rules. The Committee considered and approved the said proposal.

Meanwhile, the Economic Coordination Committee (ECC) of the Cabinet has recommended the restructuring plan of PIACL for onward submission before the Cabinet, after reconciliation of tax liability figures, with a direction to place a cap on future debt, which PIACL could take against its improved balance sheet, once restructuring plan is implemented. The Aviation Division submitted a summary before the ECC regarding restructuring plan of the Pakistan International Airlines Corporation Ltd (PIACL). The Adviser to the Prime Minister for Institutional Reforms and Austerity made a detailed presentation on human resource and operational restructuring of the PIACL. He drew attention to the various options for restructuring and outlined measures to minimise losses and transform PIACL into a financially viable entity. It included human resource restructuring through Voluntary Separation Scheme (VSS), hiring Aviation experts, fleet modernisation, routes rationalisation, product development, and revenue enhancement measures.

Published in the The Nation, April 8, 2021