Government Plans to Sell PIA to Highest Bidder Before Signing New IMF Deal.
By
March 27, 2024
The government is gearing up to sell off Pakistan International Airlines (PIA) before striking a new deal with the International Monetary Fund (IMF), according to insiders at the Privatization Commission.
They confirmed that selling PIA is a top priority and must meet all the rules set by the IMF.
It’s a necessary step before seeking a larger loan from the IMF. They’re aiming to have everything in place by June, with the sale potentially wrapping up by July 2024.
PIA is drowning in debts, with a staggering Rs. 700 billion owed, a big chunk of it to banks. And it’s not alone; about 350 other government bodies, like the Federal Board of Revenue (FBR) and Pakistan State Oil (PSO), are also in dire financial straits.
It’s a tough decision, but the government sees it as a crucial move to get the country’s finances back on track.
