Significant progress in the privatization of the national airlines, PIA, has been declared by the federal government.
The participants at a federal cabinet meeting on Tuesday, presided over by Prime Minister Shehbaz Sharif, were briefed on the status of the privatization of state-owned entities, including PIA.
The relevant officials informed the federal cabinet that while the PIA bidding will occur in the first week of August, businesses interested in pre-bidding are now visiting the various airline locations. The prime minister gave the order to expedite the PIA’s privatization process and guarantee total openness.
In the fiscal year 2024–2025, the federal government intends to raise Rs. 30 billion through privatization. 25 state-owned businesses, including Pakistan International Airlines (PIA), Roosevelt Hotel, First Women’s Bank, Utility Stores Corporation, and other electricity distribution firms, are slated for privatization by the government.
The federal government stated that it had set a target for bidding on PIA’s core business by June 2024, of which the government would probably aim to sell a 51% stake. This was stated in the government’s second and last review under the Standby Arrangement (SBA) with the IMF on May 10.
