As officials in Islamabad look for ways to raise money for the cash-starved economy, the bidding procedure for Pakistan International Airlines’ (PIA) privatization will take place in the first week of August.
The event occurred on Tuesday in Islamabad at a Federal Cabinet meeting presided over by Prime Minister Shehbaz Sharif, according to Radio Pakistan.
The meeting was held with the information that the national carrier’s privatization process is underway and that firms expressing interest in participating in the pre-bid process are visiting several PIA locations. According to the source, “PIA bidding will take place in the first week of August.”
PM Shehbaz gave instructions at the meeting to hasten the PIA’s privatization process and place a high value on openness.
The government of Pakistan had earlier said that, as part of changes recommended by the International Monetary Fund (IMF), it was placing a 51%–100% stake in the airline that was losing money on the market.
Previous elected administrations have refrained from disposing of the flag carrier since it is expected to be very unpopular; but, if the privatization process moves forward, cash-strapped Pakistan will be able to pursue additional funding negotiations with the IMF.
Six companies/consortiums, namely Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified for the PIA privatization process, according to a previous statement from the Ministry of Privatization.
To guarantee that the average person has access to green solar energy, PM Shehbaz, who was presiding over the meeting, said that no additional taxes will be placed on solar panels.
According to the report, the Economic Coordination Committee (ECC) decided to export sugar, and they informed the Federal Cabinet of their decision.
It was explained to the guests that the nation had large supplies of sugar. A little amount of sugar was approved for export by the forum.