Connect with us

Hi, what are you looking for?

Economy

Economic Boost: PIA Clears Liabilities and Debt, Signaling Positive Turnaround

PIA

KARACHI: In a significant development for Pakistan’s economy, Pakistan International Airlines (PIA) has successfully cleared all its liabilities, debt, and arrears.

The clearance of financial losses and debts has been achieved as PIA has been transitioned to a withholding company ahead of its privatization.

This move has not only improved the airline’s financial standing but has also positioned it as an appealing investment opportunity in the aviation sector.

Officials have confirmed that the Pakistan Stock Exchange has been formally notified about the clearance of PIA’s balance sheet, marking a positive milestone for the national carrier.

With 170 weekly flight routes spanning 20 countries and serving approximately 150,000 passengers traveling to Saudi Arabia alone, PIA boasts a robust operational presence. This operational strength further enhances its attractiveness to potential investors.

Recently, bids were invited for the privatization of PIA, with the deadline set for May 3. The government’s privatization plan aims to sell 51% shares of the aviation department of PIA, while retaining ownership of 49% shares.

Under the privatization arrangement, the administrative control of PIA will also be transferred to the entity acquiring the majority shares, ensuring a smooth transition of operations.

Moreover, three Gulf countries, including the United Arab Emirates, Saudi Arabia, and Qatar, have expressed interest in acquiring Pakistan International Airlines.

Sources reveal that companies from these countries have approached the Pakistan government to negotiate a potential deal for the national flag carrier.

Pakistan has provided detailed briefings to officials from the three Gulf nations regarding PIA’s operations and potential privatization.

Following the conclusion of the privatization process, PIA will be sold to the highest bidder, further solidifying its path towards financial stability and operational efficiency.

Written By

I am a dynamic professional, specializing in Peace and Conflict Studies, Conflict Management and Resolution, and International Relations. My expertise is particularly focused on South Asian Conflicts and the intricacies of the Indian Ocean and Asia Pacific Politics. With my skills as a Content Writer, I serve as a bridge between academia and the public, translating complex global issues into accessible narratives. My passion for fostering understanding and cooperation on the national and international stage drives me to make meaningful contributions to peace and global discourse.

Art & Culture

KARACHI: The afternoon of 20th April was selected to honor those women artists who need to be promoted for their dedication to Art. The...

International

Reports from local media in Sydney, Australia, recounted a harrowing incident during a sermon on Monday, where a bishop and several others were stabbed....

Entertainment

SEOUL: Daud Kim, a Muslim K-pop sensation, excitedly shared news with his followers and revealed his plan to construct a mosque on a plot...

Art & Culture

KARACHI: With the onset of spring in Karachi, Mariam Maaz show heralds a new dawn in the Art-scape and is a breather of fresh...