The privatization of Pakistan International Airlines (PIA) is set to be completed by October 1st, according to Usman Akhtar, Secretary of the Privatization Commission.
PIA has been struggling financially since 2011, with its debt ballooning to $3.3 billion by the end of 2018.
This privatization is part of a broader initiative aimed at overhauling loss-making state-owned enterprises, including PIA, under an agreement with the International Monetary Fund (IMF) for a $3 billion bailout.
Although the privatization process faced delays, it is now on track for completion.
Six companies have been shortlisted for the bid, including Fly Jinnah, Airblue, and ARF Khabib Corporation.
The winning bidder will be required to address an 80 billion rupee financial gap in the first year, clear 200 billion rupees in liabilities, and invest 400 million rupees in aircraft repairs.
