Pakistan to miss IMF’s deadline for PIA privatisation, adviser confirms

ISLAMABAD: Pakistan will miss the July 2025 deadline set by the International Monetary Fund (IMF) for privatising Pakistan International Airlines (PIA), news reported on Friday.

Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, confirmed that the PIA privatisation process will not be completed within the IMF’s stipulated timeframe. He stated that the process is now expected to conclude by December 2025.

He revealed that “a new Expression of Interest (EoI) will be published in the last week of April 2025, allowing prospective bidders to participate in the process.”

He said the period during which bidders will assess the airline’s assets and balance sheet is scheduled for July. He further noted that bid evaluations will continue through September.

Notably, Pakistan’s attempt to privatise PIA last year failed when it received only a single offer, which was well below the asking price of more than $300 million.

Notably, the Board of Directors of Pakistan International Airlines (PIA) has officially approved the airline’s financial results for 2024, marking a major milestone as the national carrier reported its first net profit in 21 years, the news reported.

According to the approved financial statement, PIA recorded an operational profit of Rs 3.9 billion and a net profit of Rs 2.26 billion for 2024. This marks the airline’s first profitable year since 2003.

The airline’s operating margin exceeded 12 percent, a figure comparable to the performance of some of the world’s leading airlines. The Government of Pakistan supervised wide-ranging reforms, which have credited PIA’s return to profitability.

The reforms included reducing the workforce and operational costs, consolidating profitable routes, eliminating loss-making routes, and restructuring the airline’s balance sheet.