ISLAMABAD: Seven international investors have expressed interest in Pakistan’s national flag carrier and airports which the South Asian nation has put up for sale, the aviation ministry said on Tuesday.

Islamabad plans to sell the Pakistan International Airlines (PIA) and outsource three of its airports in a bid to stem losses and generate foreign exchange reserves at a time when the country’s $350 billion economy faces a balance of payment crisis.

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An adviser for the deal told Pakistan’s ministry of defence production and aviation that “seven international investors including Germany, France, Netherlands, Qatar, UAE, Malaysia and Turkiye have shown their interest” besides local groups, the statement said.

The ministry did not clarify whether the investors are companies or governments.

Islamabad has engaged the World Bank’s International Finance Corporation (IFC) as an advisor for the outsourcing process, and EY for the airline deal.

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The push to expedite the sales comes ahead of Pakistan seeking yet another bailout from the International Monetary Fund (IMF) after a current standby arrangement expires on April 11.