Pakistan's Renewed Bid to Privatize PIA by 2025: A Game Changer?
Pakistan plans to sell Pakistan International Airlines by the end of 2025 after a previous failed attempt. Four local parties have been approved for bidding. The government aims to sell majority shares and management control, as the airline faces financial issues and the EU ban has been lifted.
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- Pakistan
Amid ongoing financial turbulence, Pakistan's government is aggressively pursuing the sale of Pakistan International Airlines (PIA) by 2025, following a failed sale attempt last year that underscored the airline's dire economic straits.
On Tuesday, the Privatisation Commission approved four local parties, predominantly from the cement sector, to bid on the struggling national carrier. The move marks a pivotal step in divestment negotiations, anticipated to culminate in the last quarter of this year.
With EU-imposed bans now lifted, the government seeks to offload majority shares and management control, promising a clean slate with improved financial metrics. Despite lifting some debt, PIA remains embroiled in financial woes, highlighted by unpaid salaries for November 2023.
(With inputs from agencies.)
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