| Islamabad: The government is set to auction Pakistan International Airlines (PIA) on October 30, as part of its ongoing efforts to privatize the financially struggling national carrier. The news was reported by a source on October 24.
Read: Deadline set for PIA privatisation along with power companies
As per details, this move aligns with the country’s broader strategy to revitalise key sectors, including the outsourcing of airport operations under an International Monetary Fund (IMF) agreement. Responding to a query in the National Assembly, Parliamentary Secretary for Communications Gul Asghar confirmed the final auction date. The auction process, initially scheduled for October 1, was delayed due to logistical and operational issues, including legal challenges and aging fleet concerns.
The privatisation of PIA, which began in February 2024, is being overseen by the Board of the Privatisation Commission, chaired by Minister for Privatisation Aleem Khan. According to Asghar, the process has addressed all critical issues, and the assets of PIA have been separated to facilitate the auction of its operational assets.
Read: ‘PIA’s bidding process to conclude by October 2024’
Six consortia have pre-qualified to bid for a 60% stake in PIA. These include prominent entities like Fly Jinnah Ltd, Air Blue Ltd, Arif Habib Corporation Ltd, and others led by YB Holdings, Pak Ethanol, and Blue World City.
In addition to the PIA auction, the government is actively working to enhance economic stability. Minister of State for Finance and Revenue Ali Pervaiz Malik stated that there are no restrictions on importing raw materials following the IMF agreement, reflecting the government’s commitment to boosting exports and improving industry competitiveness. He also highlighted efforts to provide access to finance to help businesses meet their working capital needs. |
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