ISLAMABAD: Pakistan’s Privatization Ministry announced on Thursday that five parties, including a military-affiliated company and various business groups, have shown interest in purchasing its struggling national airline, Pakistan International Airlines (PIA).
These expressions of interest were submitted before the June 19 deadline to acquire up to 100% ownership of PIA, which has faced losses exceeding $2.5 billion over the past decade. Despite ongoing financial difficulties, PIA recorded its first operating profit in 21 years for the fiscal year ending June 2024, following a major restructuring effort.
The sale of the airline is considered a vital step for Pakistan to demonstrate its ability to privatize loss-making state-owned enterprises and meet conditions tied to a $7 billion International Monetary Fund bailout. If successful, this would be the country’s first significant privatization in nearly two decades. The ministry stated that initially, eight parties expressed interest, but only five met the qualification standards and submitted all necessary documentation.
