Pakistan Receives Single Bid for PIA Stake in Privatization Push

Pakistan’s government, in its bid to privatize Pakistan International Airlines (PIA), received only one bid from a shortlist of six potential bidders. Blue World City, a major real estate consortium with diversified interests, has emerged as the sole bidder for a 60% stake in PIA. This privatization aligns with Prime Minister Shehbaz Sharif‘s commitments to the IMF to reduce national debt by divesting loss-making entities. With over 800 billion rupees in debt, PIA has struggled financially for nearly two decades, relying on state support to maintain operations.