The Ministry of Aviation has reported that the Pakistan Airports Authority has authorized the transfer of management authority of Islamabad International Airport to a Turkish consortium for a 15-year period.

Aviation Secretary Ahsan Mangi presided over a Board of Directors meeting whereby the decision was made to transfer managerial authority of Islamabad Airport to the Turkish Consortium, TERG.

The bid from the Turkish consortium TERG, which offered 47.25% of the project cost, was later accepted by the board. The next stage, according to sources, will be to ask the federal cabinet for permission in order to complete the outsourcing arrangement.

The government intends to contract out the administration of the airports in Karachi and Lahore in addition to Islamabad as part of its larger aviation strategy.

A new PIA CEO has been appointed.

In the meantime, Pakistan International Airlines (PIA) is moving on with the appointment of a new permanent CEO. Imran Aslam Khan and Khurram Mushtaq, a senior PIA officer, have been shortlisted for the role out of 37 applications.

The shortlisted applicants have been sent to the PIA Board by the PIA HR department, which will interview them and select three for further consideration. The new CEO will then be chosen for a three-year term by the prime minister.

In an effort to generate $250 million, Federal Finance Minister Muhammad Aurangzeb said that Pakistan’s first Panda Bond would be introduced to the Chinese financial market.

The finance minister stated in a Bloomberg interview that the money should become available in six to nine months.

The government’s larger plan to stabilize the economy and fulfill its foreign financial commitments includes the Panda Bond, a debt instrument denominated in renminbi. “This initiative reflects our focus on sustainable economic growth and strengthening the foundation of the economy,” said the minister.

Visit by an IMF delegation
Additionally, he declared that next month, a mission from the International Monetary Fund (IMF) would travel to Pakistan. Minister Aurangzeb expressed hope that the terms of the IMF rescue package will be met, especially the objective of raising the tax-to-GDP ratio from 10% to 10.3%.

He emphasized that meeting this standard will make Pakistan’s financial condition more sustainable. “The IMF wants Pakistan to broaden its tax base, and we are determined to achieve this target,” he said.

In addition, the minister emphasized how Pakistan’s economy has stabilized in contrast to the previous two years. He attributed this recovery to successful fiscal policies and forecasted a 3.5% economic growth rate for the current fiscal year.

Pakistan’s economic rating has already been raised by international credit rating agencies, and the government plans to move it up to a single B category soon. “An improved credit rating will enhance our ability to secure funds from the international bond market,” he said.

Put an emphasis on growth driven by exports.
The minister also emphasized the importance of prioritizing export-led growth in order to change the nation’s economic DNA. “We aim to build a sustainable economy based on exports, which is essential for long-term prosperity,” he stated.

“The economy of Pakistan is at a turning point. Finance Minister Muhammad Aurangzeb said, “We are dedicated to meeting our financial goals and creating a more robust, resilient economy.

In an effort to better prepare young people for opportunities in the quickly changing technology sector, the government has launched a new ICT training portal.

To allow graduates to work with IT companies, Huawei and the Ministry of IT have struck an agreement. This program will give participants hands-on exposure to cutting-edge technology, including cybersecurity and artificial intelligence (AI).

There is now a training program that offers three-year internships to graduates. Huawei has also stated that it is dedicated to helping with training initiatives and contemporary technology.

In order to strengthen technical training, Huawei signed an MOU with COMSATS University Islamabad, further demonstrating its support.

Plans call for establishing training facilities in Karachi and growing the initiative across the country.

These projects funded by the Special Investment Facilitation Council are key to revitalizing Pakistan’s economy and fostering growth in the IT sector.