Pakistan govt to sell PIA to ease financial strain

Pakistan government has decided to sell the state-owned airline, Pakistan International Airlines (PIA).

The decesion has been made as move to address a severe debt crisis of the country, reports DAWN.

The shares of the airline will be auctioned on December 23.

Pakistan Prime Minister Shehbaz Sharif announced that the entire auction process will be broadcast live across all national media.

According to local media reports, Pakistan government plans to sell between 51% and 100% of PIA’s shares as part of efforts to reduce losses and raise funds, and also to meet conditions tied to the IMF’s $7 billion loan agreement.

The privatisation is considered Pakistan’s largest such initiative in the past two decades.

Four companies have been pre-qualified to participate in the auction: Lucky Cement Consortium, Arif Habib Corporation Consortium, Fauji Fertiliser Company Limited, and Air Blue Limited.

Prime Minister Sharif stated that the move aims to restore the airline’s “lost reputation” and emphasised transparency and merit as top priorities in the privatization process.

He expressed hope that PIA would soon regain the glory of its slogan, “Great People to Fly With.”

A previous sale attempt failed when a $36 million bid fell short of the airline’s minimum valuation of $305 million.