The bidding process for the privatization of Pakistan International Airlines (PIA) is scheduled to take place in the first week of August, aimed at injecting funds into the cash-strapped economy, according to reports from Islamabad.
During a Federal Cabinet meeting chaired by Prime Minister Shehbaz Sharif on Tuesday, details emerged that the privatization process of the national carrier is advancing, with interested companies currently conducting site visits at various PIA locations.
Prime Minister Shehbaz Sharif emphasized the need to expedite the privatization process and underscored the importance of transparency. The government plans to auction off a stake ranging from 51% to 100% in the loss-making airline, aligning with reform recommendations from the International Monetary Fund (IMF).
Previous administrations have hesitated to privatize the flag carrier due to potential public backlash, but progress on this front is crucial for Pakistan to continue discussions for additional IMF funding.
The Ministry of Privatization has already pre-qualified six companies/consortiums, including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, for participation in the PIA privatization process.
Additionally, during the meeting, Prime Minister Shehbaz Sharif affirmed that no new duties will be imposed on solar panels to ensure widespread access to renewable solar energy. The Federal Cabinet was also briefed on the Economic Coordination Committee’s decision to authorize the export of a small quantity of sugar, citing sufficient reserves within the country.
In response, Prime Minister Shehbaz Sharif issued a directive prohibiting any increase in sugar prices.
