Federal Government of Pakistan Announces New Bidding Process for PIA Privatization

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Islamabad: The Federal Government has announced plans to invite fresh bids for the privatization of Pakistan International Airlines (PIA). This decision was made during a meeting of the Senate's Standing Committee on Privatization, chaired by Senator Talal Chaudhry, where the reasons for significantly lower bids in the previous privatization attempt were discussed.

Privatization Minister Aleem Khan informed the committee that the government would seek new bids for PIA, which has accumulated losses amounting to 830 billion PKR. Of this, 623 billion PKR in liabilities have been transferred to a holding company, while the remaining 200 billion PKR will remain with PIA.

The Secretary of the Privatization Commission noted that substantial progress had already been made during the initial privatization process. Therefore, if the government decides to move forward with new bids, it will be a relatively short process.

Minister Aleem Khan emphasized that efforts are underway for the second attempt at PIA's privatization, highlighting Prime Minister Shahbaz Sharif's focus on the privatization agenda. He expressed optimism that there would be positive developments regarding privatization in the future, stating that PIA has the potential to become a profitable entity.

He further remarked, "I still believe that PIA can be a profitable organization. If the government intends to sell PIA, it must be prepared to make bold decisions."

As the government prepares for this new bidding process, stakeholders are hopeful for a more favorable outcome that could lead to the revitalization of PIA and its return to profitability.