The Pakistan International Airlines (PIA)’s privatisation process will be completed by October 1, Privatisation Commission Secretary Usman Akhtar Bajwa on Thursday told Senate Standing Committee on Privatisation.

PIA began to be unprofitable in 2011, requiring government subsidies. By the end of 2016, the national flag carrier was saddled with $3 billion in debt. At the end of 2018, the airline was burdened with $3.3bn in debt, up from $2.97bn the year before. Government bailouts were required for the carrier’s continued operation.

Last year in June, the then-government had agreed to overhaul loss-making state-owned enterprises, including PIA, under a deal with the International Monetary Fund (IMF) for a $3 billion bailout. But in February 2024 — right before the general elections — the........

© Dawn Business