Pakistan draws five potential buyers for national airline PIA, including military-backed group
ISLAMABAD :In its efforts to sell its struggling national airline, Pakistan has received expressions of interest from five parties, including business groups and a military-backed firm, the Privatisation Ministry said on Thursday.
The bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of Pakistan International Airlines, which has accumulated over $2.5 billion in losses in roughly a decade. Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June 2024.
The sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a $7 billion International Monetary Fund bailout. It would be the country's first major privatisation in nearly two decades.
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a day ago
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Pakistan draws five potential buyers for national airline PIA, including military-backed group
ISLAMABAD :In its efforts to sell its struggling national airline, Pakistan has received expressions of interest from five parties, including business groups and a military-backed firm, the Privatisation Ministry said on Thursday. The bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of Pakistan International Airlines, which has accumulated over $2.5 billion in losses in roughly a decade. Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June 2024. The sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a $7 billion International Monetary Fund bailout. It would be the country's first major privatisation in nearly two decades.
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