ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday hailed the successful privatisation of Pakistan International Airlines (PIA), once a symbol of national pride but now burdened with years of mounting losses, declining services and a tarnished reputation.
The winning bid, led by the Arif Habib Consortium, saw the airline sold for Rs135 billion in the second and final round of the privatisation auction. The Lucky Cement Consortium, which offered Rs134 billion, was the second-highest bidder.
In a statement shortly after the completion of PIA’s privatisation, Sharif highlighted the significance of the deal, marking the fulfillment of a long-standing promise made upon his assumption of office.
“When we took office, we pledged to address the inefficiencies of state-owned enterprises. Today’s sale of PIA represents a significant milestone in that effort,” he said. “Alhamdulillah, the bidding process has been transparent and fair, a testament to the integrity of this government.”
The privatisation of PIA has been eagerly awaited, as the airline struggled for years with financial losses and mounting challenges that left it increasingly uncompetitive.
The prime minister expressed hope that the move would not only help revive PIA but also serve as a catalyst for further privatisation of state-owned enterprises, which he deemed essential for the country’s economic stability. “This privatisation symbolises the restored investor confidence in Pakistan. It sends a clear message that our economy is on the right track,” Sharif said, emphasising that the successful sale of PIA demonstrated the nation’s ability to embrace reform and attract private investment.
The prime minister also acknowledged the efforts of key state institutions that contributed to making the privatisation possible.
He specifically thanked Deputy Prime Minister and Foreign Minister Ishaq Dar, Defence Minister Khawaja Asif, Chief of Defence Forces (CDF) and Field Marshal Syed AsimMunir, Finance Minister Muhammad Aurangzeb, adviser to the prime minister on privatisation Muhammad Ali, and the Privatisation Commission for their “instrumental” roles in facilitating the sale.
“With the continued cooperation of all our institutions, our economy is becoming stronger,” he said. “The leadership and dedication of all involved in this process have been commendable.”
The prime minister concluded by reiterating the government’s commitment to the country’s development and prosperity, stressing the role of the private sector in achieving these goals. “We are committed to collaborating with the private sector to create a more prosperous future for the nation,” he added, signalling that the sell-off of PIA is just one step in a broader plan to revitalise the country’s economic landscape.
Copyright Business Recorder, 2025
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