Prime Minister’s Adviser on Privatisation Muhammad Ali dismissed social media backlash over Pakistan International Airlines (PIA) privatisation on Tuesday, insisting it preserves national pride while reviving the carrier’s efficiency and strength.
At a joint press conference with Information Minister Atta Tarar, Ali refuted claims that PIA sold for less than its aircraft value, calling them misleading. He noted the airline’s fleet shrank from 50 planes to just 17-19 operational (plus 12 leased), with landing rights and routes as its true assets. Serving 4 million passengers yearly, PIA—once a global leader—lost Rs500 billion over the past decade post-2009.
The defence followed Arif Habib Corporation-led consortium’s winning Rs135 billion bid for a 75% stake, hailed as a transparent milestone and Pakistan’s first major privatisation in 20 years under IMF pressure. Government receives Rs55 billion (Rs10 billion cash + Rs45 billion equity value), with Rs125 billion reinvested. New ownership expected by April after approvals.
Ali stressed the structure injects capital to prevent collapse: “We didn’t want to sell, pocket the money, and watch it fail.” In the auction, Arif Habib outbid Lucky Cement (Rs134 billion) after rounds starting above the Rs100 billion reserve; Airblue dropped at Rs26.5 billion.
