Federal Minister for Finance and Revenue Ishaq Dar on Wednesday sought a well-defined roadmap, complete with timelines, to facilitate the outsourcing of the first airport in Pakistan. The objective is to enhance service delivery and align with global aviation standards and practices.
The minister was chairing a meeting of the Steering Committee to oversee the outsourcing of airports’ operations, according to a statement issued by the finance ministry.
The International Finance Corporation, the transaction advisor, briefed the meeting with the latest status and progress on the matter, the statement added.
Among others, the meeting was attended by Federal Minister for Aviation and Railways Khawaja Saad Rafique, SAPM on Finance Tariq Bajwa, SAPM on Government Effectiveness Dr Jehanzeb Khan, Aviation authorities, IFC team and senior officers from Finance Division.
In March, the government had approved an advisory service agreement with an arm of the World Bank Group to hand over operations of three of Pakistan’s international airports to a foreign country, providing its political backing to conclude the deal at the earliest.
According to a handout from the Ministry of Finance, the Economic Coordination Committee (ECC) of the Cabinet approved the draft Transaction Advisory Agreement (TASA) reached with the International Finance Corporation (IFC) by Pakistan Civil Aviation Authority (PCCA) to outsource three airports.
The draft agreement, however, appears in favour of the IFC due to protections provided in the shape of penalties, in case Pakistan decides to terminate the contract.