PM directs for timely completion of PIA privatisation

ISLAMABAD 25 (APP): Prime Minister Shehbaz Sharif on Friday directed the authorities concerned to ensure the privatisation of Pakistan International Airlines (PIA) within the given timeframe.

Chairing a meeting to review the ongoing process of privatisation of PIA, the prime minister stressed that transparency must be central to the procedure for the airline’s privatisation.

The prime minister emphasizing the importance of roadshows and fully engaging investors in the privatization process, directed that to ensure transparency, the privatisation of PIA and all future state-owned enterprises must be broadcast live on television and digital platforms.

The meeting was told that a comprehensive investor outreach strategy had been developed in collaboration with the consultant and was being fully implemented.

The prime minister was also informed about the criteria of the bidding, required time period and the conditions to participate in the bidding process.

Earlier, the state-owned carrier reported its first annual profit in over 20 years.

The government plans to offload between 51 and 100 per cent of its stake in the airline, which has long been burdened by heavy debt and financial losses. The sale is part of broader efforts to overhaul struggling state-owned enterprises under a $7 billion agreement with the International Monetary Fund (IMF).

A previous attempt to privatise PIA failed after only one bid was received—well below the minimum price of over $300 million. Officials say lessons have been learned from that process.

According to a statement issued by the Privatisation Ministry, the Privatisation Commission board has approved new pre-qualification criteria for potential investors, paving the way for a new round of bidding.

To address concerns raised during last year’s process, the government has taken on most of PIA’s legacy debt, shifting it from the airline’s books to its own.

The meeting was attended by federal ministers Khawaja Asif, Ahad Khan Cheema, Attaullah Tarar, Attorney General Mansoor Usman Awan, Advisers Muhammad Ali, Syed Tauqir Shah, Minister of State Bilal Azhar Kayani, Special Assistant Haroon Akhtar, National Coordinator of the Special Investment Facilitation Council Sarfraz Ahmed and other officials.