ISLAMABAD – The bidding process for the privatization of Pakistan International Airlines (PIA) is due for the first week of August, the sources familiar with the development said on Wednesday.
The development is expected amid government’s efforts for the struggling economy.
The sources said that decision about privatization of the national flag carrier was made by Prime Minister Shehbaz Sharif.
“The privatization process of the national airline is progressing, with various companies expressing interest and visiting PIA sites as part of the pre-bidding process,” said the sources.
They said that the bidding for PIA would take place in the first week of August.
Prime Minister Shehbaz emphasized the need to expedite the privatization process and stressed the importance of maintaining transparency.
The government had previously announced plans to sell a stake of between 51% and 100% in the loss-making airline after recommendations from the International Monetary Fund (IMF).
Selling the flag carrier is a move that previous governments have avoided due to its potential unpopularity. However, progress in privatization is expected to assist Pakistan in securing further funding from the IMF.
Earlier, the Ministry of Privatization announced that six companies and consortiums, including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have pre-qualified for the PIA privatization process.
