Bidding for Pakistan International Airlines to begin ""as soon as possible""

Pakistan International Airlines' (PIA) privatisation bidding process is expected to begin in the first week of August, according to local media reports. The government of Pakistan, which holds an approximate 96% stake, are looking to sell off around 51-100% of the airline. The privatisation was discussed at a meeting at the country's board of privatisation commission held on July 5, 2024. It was held in Islamabad under the chairmanship of federal minister for privatisation investment board and communications Abdul Aleem Khan to discuss the finalisation of PIA. The minister added that Pakistan prime minister Shehbaz Sharif wanted the ""privatisation of PIA as soon as possible"" and that there should be ""no further delay"" in the process. The minister had said in a press briefing that delays in the privatisation of ""certain entities"" in the past has cost the country ""billions of rupees"". The minister had told local reporters PIA ""offers a very good opportunity for its buyers to earn profit given that PIA has great potential that only requires fresh investment"". However, local outlet The Express Tribune reported that potential investors are concerned over the EU ban on PIA flights. The ban had been imposed on the airline in 2020 following Pakistan's aviation minister Ghulam Sarwar Khan claiming PIA pilots had fake degrees. At the press briefing, Khan had also criticised the former chief justice Iftikhar Muhammad Chaudhry for delaying the privatisation process of PIA. The airline reported loss before taxation of 60.7bn Pakistani rupees ($218 million) in its six months report ending June 30, 2023, widening its losses further from the same financial period a year prior of 41.3bn Pakistani rupees ($148.3 million). The government's auctioning of the stake comes after the reform recommendations from the International Monetary Fund (IMF), which has supported the country's struggling economy. The Profit by Pakistan Today said previous administrations had been hesitant to privatise the country's flag carrier over anxiety surrounding public backlash. However, the move has become crucial for further IMF funding. Khan also said that all proposals for privatisation should be opened recorded in the presence of the media so ""that there should be no question on its transparency"".