Pakistan Sets Bold Deadline for PIA Sale Amid IMF Pressure

Pakistan plans to privatize the loss-making Pakistan International Airlines (PIA) by July as part of its commitment to the IMF, following an unsuccessful sale attempt last year. The government is revising its strategy, exploring market sentiment, and has indicated potential interest from three bidders.

The government of Pakistan has assured the International Monetary Fund (IMF) of its intention to privatize Pakistan International Airlines (PIA) by July, in an effort to restructure its loss-making ventures, according to a report from The Express Tribune.

The failed attempt to sell PIA last year has prompted the government to reconsider its approach, now reassessing market interest before inviting further bids. Notably, two previous bidders had retracted due to unaccommodated conditions; however, the IMF has since relaxed these constraints.

Apart from PIA, Pakistan's government also plans to privatize a handful of financial institutions and power distribution companies, aiming to revive economic stability. The IMF's visiting team is closely monitoring these proceedings, essential for Pakistan to secure a $1 billion tranche of its loan program.

(With inputs from agencies.)