Significant progress has been made in the privatization of PIA.
Overseas Pakistani group has offered more than Rs. 1.2 trillion, Al Nahyan Group has also expressed its willingness to pay Rs. 250 billion due to the national airline.
According to Dawn News, Al Nahyan Group has sent an offer to purchase PIA to the Minister of Privatization, Minister of Aviation Minister of Defense, and other relevant authorities via email.
Al Nahyan Group has also offered the government not to lay off PIA employees and increase salaries in phases by 30 to 100 percent.
The Pakistani business group also assured the best business plan for the national airline and the inclusion of modern aircraft in the fleet,
The offer also includes the option of making the national airline an engineering and maintenance hub for other airlines.
It should be noted that the privatization of loss-making government institutions, including PIA, is a long-standing demand of the International Monetary Fund (IMF) and if PIA is not privatized on time, the government may face difficulties in disbursing the next tranche of the ongoing loan program.
The government faced a setback in the privatization of PIA on October 31 last month.
The Ministry of Privatization, which wanted a bid of Rs 85 billion for the privatization of 60 percent of PIA, received a bid of only Rs 10 billion from a business group (Blue World City), after which the privatization process was stopped.
Minister for Privatization Abdul Aleem Khan had announced that PIA would not be sold at a low price. He said that his task was not to fix PIA but to sell it.
Later, Blue World City expressed its conditional willingness to pay Rs 30 to 85 billion to the government for the purchase of PIA.
Speaking at Nadia Mirza, Blue World City head Saad Nazir said that if the government says to give Rs 85 billion, we are ready to pay up to Rs 85 billion, but sit down and talk to us.
Chairman Blue World City said that we will also write a formal letter to the government that we are ready to pay a price of Rs 30 to 85 billion.
He said that there is no such person in Pakistan who has Rs 85 billion in liquid form,
Many investors are in touch with us, we can pay Rs 85 billion using their capital but soften the conditions a little.
