Friendly countries show interest in buying Pakistan's national airline

While the Pakistani government has repeatedly struggled to sell off the national airline, there are still chances that it can offload a stake in the Pakistan International Airlines (PIA).

During a meeting with the business community on Thursday, Chief of Army Staff (COAS) General Asim Munir informed businessmen that investors from friendly countries, including Saudi Arabia, the United Arab Emirates, and Qatar had expressed an interest in buying part of Pakistan's national airline, sources informed Nukta.

The meeting was primarily centered around talks about the country's economic stability and steps taken so far to consolidate the economy, they added.

Read:Pakistan’s troubled privatization plan struggling to take off

Gen Asim noted that the despair that overshadowed the country a year ago has now dissipated.

“I have complete confidence in Pakistan's bright and stable future,” he affirmed. “A year ago, there was a cloud of despair over the country, but today, all economic indicators are positive, and God willing, they will improve further in the coming year.”

Pakistan government intends to sell 60% stake in PIA at a price of PKR 85 billion. However, the government received only one bid from Blue World City amounting to PKR 10 billion.

A week back, the country's Privatisation Commission rejected the Blue World bid and considered various ways to continue sell off the national carrier after seeking permission from Cabinet Committee on Privatisation and the Federal Cabinet.

PIA accumulated losses amounted to PKR 800 billion, where it was planned to carry forward PKR 200 billion losses to the new owner while PKR 600 billion would be transferred to Public Holding Company.