Pakistan International Airlines (PIA) has garnered interest from seven international investors since being put up for sale, as reported by Reuters on Tuesday. Pakistan’s aim to privatize its national flag carrier and outsource three of its airports is geared towards mitigating losses and bolstering foreign exchange reserves.

The Aviation Ministry disclosed that the interested investors hail from countries such as Germany, France, the Netherlands, Qatar, UAE, Malaysia, and Turkey. However, it did not specify whether these investors represent companies or governments. To facilitate the outsourcing process, the World Bank’s International Finance Corporation (IFC) has been engaged as an advisor, while Ernst & Young is overseeing the airline deal.

Also Read: PIA Board of Directors Greenlights Government’s Privatization Plan

This development coincides with Pakistan’s anticipation of additional funds from the International Monetary Fund (IMF) as its current standby arrangement is slated to expire on April 11.