PIA Sale Will Be Completed by 1st October 2024: Privatization Commission Secretary

PIA Sale Will Be Completed by 1st October 2024

Privatisation Commission Secretary Usman Bajwa recently confirmed that the sale of Pakistan International Airlines (PIA) is expected to be completed by October 1, 2024. The deadline was highlighted at a meeting of the Senate Standing Committee  on Privatisation, where it was mentioned that six companies have been shortlisted for the bidding process.

 PIA's privatisation comes as part of a broader effort to clean up loss-making state-owned enterprises, as agreed with the International Monetary Fund (IMF). However, concerns have been raised about PIA's financial viability, with the secretary noting that the successful bidder will need to immediately invest around Rs 425 billion  to keep the airline afloat.

 The process is subject to delays and has been extended by two months to allow interested companies to carry out thorough due diligence. A key discussion point  was the future of PIA employees, the aim of which was to provide for them to continue in employment for three years after privatisation before any retrenchment would take place.