Amidst the economic crisis, Pakistan is selling its government airline PIA on the condition of IMF. 62 thousand crore rupees. This decision was taken for loan of Rs. This is the first major privatization of loss-making PIA in 2 decades.
Islamabad: Pakistan, which is facing a huge economic crisis, had sought a loan from the International Monetary Fund (IMF). Now, as per the same IMF condition, Pakistan is going to sell its government airline, Pakistan International Airlines (PIA). Last year, IMF had announced a loan of Rs 62 thousand crore (7 billion dollars) to Pakistan. But some conditions were kept for this. These included things like the sale of PIA which was running at huge losses, increasing the prices of petroleum, fuel, electricity and cutting the expenses of officials. Under this, it has now been decided to auction PIA on 23rd December. This is the first privatization of a government company in the last 2 decades.
Four companies including Fauji Fertilizer are in the race…
Four companies have come forward to buy PIA, including Fauji Fertilizer. Army has majority stake in this company. Of the 33 aircraft with PIA, 17 are not in flying condition. Apart from this, it is also alleged that 30% of the company’s pilots have fake licenses. Pakistan is at number 5 among the countries taking maximum loan from IMF.
– IMF agreed to give a loan of Rs 62 thousand crore to Pakistan which is facing economic crisis.
But many conditions were imposed, including selling the loss-making airline company.
Therefore, the Pakistani government decided to sell the airline company. This is the first privatization in 2 decades.
The airline company has a total of 33 aircraft, out of which 17 are not in flying condition.
– 30% of the company’s pilots are accused of possessing fake licenses.