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PIA privatisation plan nears completion
The sell-off plans of national flag carrier Pakistan International Airlines is almost finalised, a minister says.
“Our job is 98% done,” Privatisation Minister Fawad Hasan Fawad told Reuters.
It comes after a IMF $3 billion bailout to restructure its state-owned enterprises.
A privatization or restructuring with foreign investment of PIA has been a key policy promise for years but has never got off the ground.
It comes just days ahead of the election.
It first awaits cabinet approval, although no buyer has been identified.
It will likely go through a tender process or possibly a government-to-government deal.
The terms offered will likely be a 51% ownership stake and the airline’s debts transferred to a separate entity.
The airline has struggled for years, which was made worse after the EU banned flights due to a fake pilot license scandal.
The carrier was close to shutting down last year due to a tax dispute and its failure to pay outstanding fuel bills.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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