In a significant move, the federal government has announced substantial progress in the privatization of Pakistan International Airlines (PIA). During a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif on Tuesday, officials provided updates on the ongoing efforts to privatize state-owned institutions, with a particular focus on PIA.
The cabinet was informed that companies interested in the pre-bidding process for PIA are currently conducting site visits. The bidding for PIA is scheduled to take place in the first week of August. Prime Minister Shehbaz Sharif emphasized the need to expedite the privatization process while ensuring complete transparency.
The federal government has set an ambitious target of collecting Rs30 billion from privatization in the financial year 2024-25. Among the 25 state-owned enterprises slated for privatization are PIA, the Roosevelt Hotel, First Women's Bank, Utility Stores Corporation, and various electricity distribution companies.
This announcement follows the federal government’s commitment under the second and final review of the Standby Arrangement (SBA) with the International Monetary Fund (IMF) on May 10. The government had forecast a target for the bidding of PIA's core business by June 2024, with plans to sell a 51% stake in the airline.