ISLAMABAD: Following a meeting of Privatisation Commission Board of Pakistan held here on Friday (20th September, 2024) it was announced that PIA would be auctioned on 1st October, 2024.

It is pertinent to mention here that PIA, that is surviving only because of repeated bailout packages provided by the government, yet has to repay a debt of $2.9 billion.

Fly Jinnah, a consortium led by YB Holdings, Air Blue Limited, a consortium led by Pak Ethanol, Arif Habib Corporation and Blue World City are the bidders who pre-qualified for the 1st October auction.

It may be recalled that earlier Secretary of the Privatisation Commission too had told the Senate Standing Committee here that denationalisation of PIA process would be completed by 1st October, 2024.

It is pertinent to mention here that PIA’s BoD during its 83rd meeting held here on 26th March, had approved the privatization and restructuring plan of Pakistan’s National Flag Carrier.

Caretaker government had engaged a global financial advisory firm Ernst & Young that managed to prepare a plan apropos PIA. Moreover, IMF too had advised Pakistan to get rid of loss-making entities enabling the bleeding economy to revive.

Newspakistan.tv