Pakistan International Airlines

Pakistan will hold bidding on December 23 to sell its state-owned carrier, Pakistan International Airlines (PIA), state media reported on Wednesday.Also Read: PIA apologises for controversial ad featuring Eiffel Tower after brutal trolling The loss-making airline is being privatised as part of a $7 billion International Monetary Fund (IMF) program, which requires the federal government to reform or divest struggling state enterprises. A previous attempt to offload PIA last year was scrapped after the government failed to receive a sufficiently attractive offer. Prime Minister Shehbaz Sharif met with corporate entities and company representatives involved in the process, according to a press release shared by state broadcaster PTV News. “PIA’s bidding will take place on December 23, which will be broadcast live on all media. We are ensuring transparency and merit in the privatisation process,” the statement quoted him as saying.Also Read: Pakistan International Airlines flight lands in Lahore… With a wheel missing Sharif said the process was proceeding “smoothly” and argued that privatisation would help restore the airline’s “lost prestige,” align it with modern aviation requirements and facilitate the restoration of PIA’s global flight operations — a step he said was crucial for overseas Pakistanis. If completed, the transaction would mark Pakistan’s first major privatisation in nearly two decades.Also Read: Ex-Pakistani airline employees admit to using fake degrees; sentenced by court Founded in October 1946, PIA is based at Karachi’s Jinnah International Airport, the country’s second-busiest airport and its largest city’s main aviation hub.(With PTI inputs)