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According to sources within the Privatization Commission, the federal government plans PIA Privatization Before IMF Agreement.
These sources have confirmed that the process of privatizing PIA is being fast-tracked and will comply with all terms and conditions set by the IMF.
It’s noted that the privatization of PIA is a precondition for initiating a new IMF loan program and will be concluded before seeking a larger bailout from the IMF.
Moreover, it has been mentioned that a Letter of Intent (LoI) for the privatization of PIA may be issued by June, paving the way for its completion by July 2024.
Read Also: Pakistan Under Pressure: IMF Demands Detailed Plan for PIA Privatization
With PIA currently burdened by a debt of approximately Rs. 700 billion, including Rs. 270 billion owed to commercial banks, the urgency for privatization is evident.
Sources also highlight that around 350 government entities, including PIA, the Federal Board of Revenue (FBR), and Pakistan State Oil (PSO), are grappling with insolvency issues.