The Privatization Commission Board has approved stricter criteria for the privatization of Pakistan International Airlines (PIA) and decided to invite fresh expressions of interest (EOIs) next week for the sale of 51% to 100% shares of the national flag carrier.

The decision was taken during a board meeting chaired by the Prime Minister’s Adviser on Privatisation Muhammad Ali. According to sources, EOIs are likely to be invited on Wednesday or Thursday next week, as part of the revised timeline for PIA’s privatization.

Stricter pre-qualification criteria

The board has revised the pre-qualification criteria for potential bidders. Under the new conditions, the prospective investor or company must now show multi-year revenue of at least three years, instead of the previous requirement of Rs200 billion in annual revenue. Moreover, experience in the aviation sector has been made mandatory to ensure capable operators handle the airline.

Officials of the Privatization Commission confirmed that the procedure has been “further tightened” to ensure transparency and credibility in the bidding process. The final approval of the privatization plan will be sought from the federal cabinet before formal bidding begins.

Revised timeline for privatisation

The privatization of PIA has already faced multiple delays. Initially, the government had assured the International Monetary Fund (IMF) that the privatisation would be completed by July 2025. However, the Privatisation Commission now plans to conclude the process by December 2025.

A new advertisement calling for EOIs will be published next week, officially kicking off the next phase of the privatization effort.

The board will reconvene tomorrow to continue discussions on the matter.