The Privatisation Commission of Pakistan has announced the shortlisting of six bidders for the sale of Pakistan International Airlines (PIA), including Fly Jinnah, a consortium led by YB Holdings, Air Blue Limited, a consortium led by Pak Ethanol, Arif Habib Corporation, and Blue World City.
The auction is scheduled for October 1, following a comprehensive review of the privatisation process.
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The commission indicated that adjustments would be made to streamline the bidding criteria, as PIA currently faces significant financial challenges with approximately Rs800 billion ($2.9 billion) in debt.
The government has provided multiple bailout packages to keep the airline operational.
This move towards privatisation aligns with recommendations from the International Monetary Fund (IMF), which advocates for the sale of loss-making state-owned enterprises as a strategy to stabilize the economy.
In addition to the privatisation efforts, officials are also considering reinstating PIA’s flights to Europe, which were suspended after the 2020 Karachi plane crash that raised concerns about pilot licensing and led to a ban from the European Union Aviation Safety Agency.
Deputy Prime Minister Ishaq Dar emphasized the urgency of resolving these issues during his recent visit to London.
