PIA Privatisation: Treasury Gets Sliver, Public Bears Debt Burden

• Pakistan privatised PIA for PKR 135 billion, but only 7.5% (PKR 10 billion) reaches the national treasury.
• Over 90% of sale proceeds will be reinvested into PIA for modernisation and operational improvements.
• PKR 654 billion of PIA's debt was shifted to the public balance sheet *before* the sale, socialising losses.
• Only three domestic bidders participated, raising concerns about competition and true valuation recovery.
• Critics argue IMF pressure was a pretext for a deal offering minimal benefit to the national exchequer.

Why It Matters: PIA sale yields minimal treasury funds; public shoulders massive debt burden.