According to a spokesperson for Pakistan’s Ministry of Privatization, bidding for Pakistan International Airlines (PIA), which was scheduled for Tuesday, has been delayed until October 31. This delay follows a request from bidders, who sought more time to evaluate the terms and conditions of the sale.
Pakistan’s Efforts In Financial Reform
PIA is a loss-making entity. Pakistan has aimed to privatize Pakistan International Airlines to address the financial inefficiencies of the country. The International Monetary Fund (IMF) has also been advocating for such reforms as part of the country’s ongoing financial restructuring program.
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Six Pre-Qualified Buyers
Why was it delayed?
The government of Pakistan has previously announced plans to sell between 51% and 100% of its shares in the airline. By extending the bidding deadline, the government hopes to give potential buyers adequate time to assess the deal’s terms.
As October 31 approaches, all eyes will be on the outcome of this sale, which could mark a significant turning point for both PIA and Pakistan’s aviation sector.
(Inputs from other Agencies)
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