Pakistan Seals Plan to Sell PIA Ahead of Elections
Pakistan’s caretaker government is making binding plans for a new government to sell financially struggling Pakistan International Airlines (PIA), according to the minister in charge of the process and other officials.
In the past, elected governments are hesitant from undertaking unpopular reforms, including the sale of the flag carrier.But Pakistan, in deep economic crisis, agreed in June to overhaul loss-making state-owned enterprises under a deal with the International Monetary Fund (IMF) for a $3 billion bailout.The government decided to privatize PIA just weeks after signing the IMF agreement.
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“Our job is 98% done,” Privatization Minister Fawad Hasan Fawad told Reuters when asked about the plan to sell the airline. “The remaining 2% is just to bring it on an excel sheet after the cabinet approves it.”
