The privatization of Pakistan International Airlines (PIA) is expected to be completed by October 1, according to Usman Akhtar Bajwa, Secretary of the Privatisation Commission. PIA has been unprofitable since 2011 and relied on government subsidies, accumulating $3 billion in debt by the end of 2016 and $3.3 billion by the end of 2018. The government provided bailouts to keep the airline operating.
Last June, the previous government agreed to restructure loss-making state-owned enterprises, including PIA, as part of a $3 billion bailout deal with the International Monetary Fund (IMF). However, in February 2024, just before the general elections, the election commission advised the caretaker administration to avoid finalizing the deal.