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Islamabad airport in Pak to be ‘outsourced’

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Islamabad airport in Pak to be ‘outsourced’

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Latest World News: Islamabad airport in Pak to be ‘outsourced’

Islamabad airport in Pak is going to be

Pakistan’s aviation minister said the move would improve its “operational activities”.

Islamabad:

Islamabad airport would be outsourced for 15 years to improve its “operational activities”, Pakistani Aviation Minister Khawaja Saad Rafique told the National Assembly, Geo News reported on Friday.

This comes at a time when Pakistan is grappling with a huge economic crisis, with skyrocketing inflation and depleting foreign exchange reserves.

The minister, however, affirmed that this decision does not amount to privatization, but “it aims to bring in competent operators to improve airport operations”.

He further stressed that an open tender would be ensured, allowing the best bidder to have the opportunity to operate the airport, adding that the process would be profit-driven, ultimately benefiting the national treasury.

The International Finance Corporation will serve as a consultant, and already 12 to 13 companies have expressed interest in participating in the bidding process, he added. He also assured that the process would be transparent and adhere to all rules and regulations.

However, the aviation minister said runway and navigation operations would not be included in the outsourcing process.

The action comes weeks after the IMF approved a $3 billion bailout package to help Pakistan avoid a debt default.

Apart from this, Pakistan has also received financial assistance from the United Arab Emirates and Saudi Arabia totaling $1 billion and $2 billion, respectively, to bolster its depleting reserves, in addition to IMF relief.

With soaring inflation and barely enough foreign exchange reserves to cover a month of controlled imports, Pakistan is facing its worst economic crisis in decades, which analysts say could have escalated into default had it not been for the IMF deal.

The deal comes after an eight-month delay and offers respite to Pakistan, which is battling an acute balance-of-payments crisis and falling foreign exchange reserves.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.

Political Unrest and Diplomatic Strides:
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Economic Transformations:
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Technological Advancements:
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.

Climate Crisis and Environmental Resilience:
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Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.

In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.