Government aims to fast-track sale but experts say bankruptcy may be only option
ISLAMABAD — A Pakistani government move to privatize the crisis-hit country’s national flag carrier looks likely to be turbulent, as experts warn the airline makes an unappealing acquisition target.
Earlier this month, a body under Pakistan’s cabinet used emergency powers to hire financial advisers to plan the privatization of Pakistan International Airlines (PIA) within the next four months. The government made the decision as PIA racks up staggering losses, projected to reach 153 billion rupees ($550 million) in 2023 alone. PIA has made losses of $7.1 billion since 2012.
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