Pakistan to Sell its National Airlines: Bidding Set for Dec 23
Islamabad: Pakistan is all set to sell its national airline, Pakistan International Airlines (PIA), with bidding scheduled for December 23. The process is part of a USD 7-billion loan programme approved by the International Monetary Fund (IMF) in September 2024, with the sale of 51-100% of PIA as a condition for disbursement of the remaining funds.
Four bidders have been pre-qualified: Lucky Cement Consortium, Arif Habib Corporation Consortium, Fauji Fertiliser Company Limited and Air Blue Limited. The process is expected to be completed in a transparent manner, according to Prime Minister Shehbaz Sharif.
The privatisation attempt follows a previous effort last year, which was cancelled due to lack of viable offers. The IMF had released USD 1 billion immediately, with the remaining funds contingent on Pakistan meeting certain conditions, including the privatisation of PIA.
Related Posts