Summary
Pakistan sold a majority stake in its national airline, Pakistan International Airlines (PIA), for $482 million to a consortium led by Arif Habib Limited. The sale was part of a plan to privatize the airline, following pressure from the International Monetary Fund (IMF) due to financial losses.
Key Facts
- Pakistan sold a 75% stake in PIA for $482 million in a public auction.
- The winning group is led by Karachi-based Arif Habib Limited.
- The consortium includes companies from various sectors such as real estate and education.
- The sale occurred after a previous privatization attempt failed in October 2024.
- The IMF encouraged the privatization to reduce losses from state-owned enterprises.
- The government will reinvest most of the sale money back into PIA.
- The consortium plans to relaunch the airline by April next year.
- Pakistan is currently under a $7 billion loan program with the IMF.
