Pakistan will hold bidding on 23 December to sell its loss making national carrier Pakistan International Airlines, with the entire process to be broadcast live on all media, state broadcaster PTV News reported on Wednesday.
The move comes after a failed attempt last year to offload the state owned airline when the government could not secure an attractive offer despite a determined push.
The sale is a key component of a $7 billion International Monetary Fund programme that requires the Pakistan government to divest loss making state assets.
Persistent losses at PIA prompted authorities to revive the plan after cancelling it in 2023.
Prime Minister Shehbaz Sharif chaired a meeting with all corporate entities and company representatives involved in the privatisation process, according to a press release posted on X by PTV News.
He said the process was proceeding smoothly with the aim of restoring the airline’s lost prestige and aligning it with modern requirements.
Sharif stressed that the government was ensuring transparency and merit throughout the privatisation process.
He added that the restoration of PIA’s flights worldwide would offer convenience to overseas Pakistanis and was extremely essential for the development of the tourism sector.
If completed, the transaction would mark Pakistan’s first major privatisation in nearly two decades.