7 Foreign Investors Want PIA: Aviation Ministry

Pakistan International Airlines (PIA) has attracted the attention of seven international investors ever since being put up for sale, Reuters reported on Tuesday. Pakistan intends to privatize the national flag carrier and outsource three of its airports to mitigate losses and bolster foreign exchange reserves. According to a statement from the Aviation Ministry, the interested investors belong to countries like Germany, France, the Netherlands, Qatar, UAE, Malaysia, and Turkey. It did not specify whether these investors represent companies or governments. The World Bank’s International Finance Corporation (IFC) has been engaged as an advisor for outsourcing, while the airline deal is being facilitated by Ernst & Young. This comes as Pakistan awaits more funds from the International Monetary Fund (IMF) as its current standby arrangement is set to expire on April 11. Earlier, ProPakistani reported that the federal government will privatize PIA before signing a new deal with the Washington-based lender.