Bidding for PIA's privatisation to take place in first week of August

The federal government has reported significant advancements in the privatization process of Pakistan's national airline, PIA.

During a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif on Tuesday, updates on the privatization of state-owned entities, with a particular focus on PIA, were provided to the participants. Officials informed the cabinet that prospective bidders for PIA have been conducting site visits to various airline facilities.

The bidding process for PIA is scheduled to commence in the first week of August. Prime Minister Sharif emphasized the acceleration of the privatization process for PIA and underscored the importance of maintaining transparency throughout.

Furthermore, the federal government has set an ambitious target of raising Rs30 billion from privatization efforts in the fiscal year 2024-25. As part of this initiative, the government plans to privatize 25 state-owned enterprises, including Pakistan International Airlines (PIA), Roosevelt Hotel, First Women's Bank, Utility Stores Corporation, and several electricity distribution companies.

Under the Standby Arrangement (SBA) with the IMF, in its second and final review on May 10, the federal government outlined its intention to proceed with bidding for PIA's core business by June 2024, aiming to divest a 51% stake.