KARACHI, – Former Air Vice Marshal Muhammad Amir Hayat has been named CEO of Pakistan International Airlines (PIA) for a one-year term.

The departing administration said last week that it intended to privatize the loss-making PIA, which has accrued hundreds of billions of rupees in liabilities and arrears. The action would be consistent with an agreement reached with the International Monetary Fund (IMF).

Hayat had been the acting CEO since April 2022, following the retirement of the preceding CEO.

According to PIA spokesperson Abdullah Khan, the government could have nominated Hayat as CEO for three years, but the prime minister opted to only appoint him for one.

The Cabinet Committee on Privatisation also approved the employment of a financial consultant to handle transactions concerning the Roosevelt Hotel in New York, a PIA Investment Limited asset, this week.

PIA anticipates resuming flights to the United Kingdom within the next three months. Due to a pilot licensing scam, services have been discontinued since 2020.

As part of a $3 billion agreement with the IMF, Pakistan committed to fiscal discipline plans, including the privatization of loss-making companies.