Pakistan Auctions PIA Amid Crisis; Minister Blames Bureaucracy for 'Honor' Sale

• Pakistan is undergoing an economic collapse, leading to the privatization of state-owned entities.
• Pakistan International Airlines (PIA) sold a 75% stake for 135 billion rupees to Arif Habib Corporation.
• The privatization is a key condition for Pakistan to secure a $7 billion loan from the IMF.
• Defense Minister Khawaja Asif blamed bureaucracy for the public sector's decline, deflecting responsibility from politicians.
• Government officials dismissed public criticism, asserting the sale does not harm national pride and denying undervaluation.

Why It Matters: Pakistan privatizes PIA under IMF pressure, leading to blame games and public outcry over national assets.