ISLAMABAD: The bidding process for the privatization of Pakistan International Airlines (PIA) is scheduled to begin in the first week of August. This initiative aims to generate crucial funds for Pakistan’s economy.
This decision was announced during a Federal Cabinet meeting chaired by Prime Minister Shehbaz Sharif in Islamabad earlier this week, as reported by Radio Pakistan.
During the meeting, it was highlighted that the privatization process of the national carrier is currently underway, with interested companies already conducting site visits across various PIA facilities. “The bidding for PIA will commence in early August,” stated the report.
Prime Minister Shehbaz Sharif emphasized the need to expedite the privatization process while ensuring utmost transparency. The government aims to sell between 51% to 100% stake in PIA, aligning with reforms encouraged by the International Monetary Fund (IMF).
Historically, previous governments have hesitated to privatize the flag carrier due to anticipated public resistance. However, progressing with the privatization agenda is seen as crucial for Pakistan to pursue further funding discussions with the IMF, given its current economic challenges.
Earlier disclosures from the Ministry of Privatization revealed that six companies/consortiums, including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified for participation in the PIA privatization process.
The upcoming bidding process for PIA marks a critical juncture in Pakistan’s economic strategy, aiming to inject vitality into the national carrier while navigating complex fiscal challenges.
