The government has expanded the deadline for submitting an expression of interest (EOI) when purchasing Pakistan International Airlines (PIA) to June 19, the Ministry of Privatization announced on Tuesday.
The expansion follows a need to meet Eidul Adha holiday and the recent political and military tensions, including the Pakistan-India conflict, an official said.
The move is coming as Pakistan continues its efforts to privatize the debt -written national carrier to raise funds and streamline state -owned companies, as part of the country’s agreement with the International Monetary Fund (IMF) under a $ 7 billion program.
The original deadline for submitting EOI was June 3rd. The Ministry confirmed that all other terms and conditions would remain unchanged.
Read more: Govt tightens Pia -Budding Terms
In an attempt to tackle his financial crisis, Pakistan is looking to sell a 51 to 100 percentage in Pia. However, previous attempts to privatize the carrier have faced challenges.
In the final bidding round in October last year, only a bid was made – an offer of $ 36 million to a 60 percent share – well below the government’s minimum price of $ 303 million.
Bids have cited concern for political continuity, inconsistent government communication and adverse conditions in the aviation sector as significant obstacles.
Pia’s privatization has been under pressure for several years, with the airline’s operations further influenced by a 2020 EU ban on security concerns related to pilot licenses.
Despite these challenges, the government remains obliged to privatize PIA with other loss -making public entities to reduce the financial burden of national tax.
