https://sputniknews.in/20240205/pakistan-poll-body-halts-national-carriers-sale-6452073.html
Pakistan Election Body Halts Privatization of National Airline: Media
Pakistan Election Body Halts Privatization of National Airline: Media
Sputnik India
The Election Commission of Pakistan (ECP) on Monday directed the interim government to halt the proposed sale of the Pakistan International Airlines.
2024-02-05T20:16+0530
2024-02-05T20:16+0530
2024-02-05T20:36+0530
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The Election Commission of Pakistan (ECP) directed the interim government to halt the proposed privatization of the Pakistan International Airlines on Monday.In a letter to the Anwaar-ul-Haq Kakar-led caretaker government, the ECP urged authorities not to finalize an agreement regarding the sale of the state-owned firm.The letter came days ahead of the February 8 general election in the country.The sale of the airline is linked to an International Monetary Fund (IMF) bailout package worth $3 billion that Islamabad secured from the global lender last year.Under the terms of the deal with the Washington-based financial institution, Pakistan agreed to divest its stake from loss-making public sector companies.The airlines losses stood at $2.5 billion last year while the flag carrier's liabilities were valued at $2.8 billion.
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Pakistan Election Body Halts Privatization of National Airline: Media
20:16 05.02.2024 (Updated: 20:36 05.02.2024) Islamabad has been trying to raise funds through selling off state assets, including divesting its shares in national carrier Pakistan International Airlines (PIA), as part of an IMF bailout deal.
The Election Commission of Pakistan (ECP) directed the interim government to halt the proposed privatization of the Pakistan International Airlines on Monday.
In a letter to the
Anwaar-ul-Haq Kakar-led caretaker government, the ECP urged authorities not to finalize an agreement regarding the sale
of the state-owned firm.
"The caretaker government should refrain from taking any further steps including signing of an agreement in this regard till a decision is made by this commission," the ECP said in its letter.
The letter came days ahead of the February 8 general election in the country.
The sale of the airline is linked to an International Monetary Fund (IMF) bailout package worth $3 billion that Islamabad secured
from the global lender last year.
Under the terms of the deal with the Washington-based financial institution, Pakistan agreed to divest its stake from loss-making public sector companies.
The airlines losses stood at $2.5 billion last year while the flag carrier's liabilities were valued at $2.8 billion.
