PIA Privatized: Arif Habib Consortium Acquires 75% Stake for Rs 135 Billion

• A consortium led by Pakistani investment firm Arif Habib acquired a 75% stake in Pakistan International Airlines (PIA) for Rs 13,500 crore (PKR 135 billion).
• The acquisition marks a significant step in the Pakistani government's long-overdue effort to address the national airline's financial crisis and mismanagement.
• The sale aligns with a long-standing demand from the International Monetary Fund (IMF) as part of broader economic reforms.
• PIA, once a top regional airline, has suffered decades of financial losses, chronic overstaffing, and recently resumed flights to Europe after a four-year safety ban.
• Finance Minister Muhammad Aurangzeb highlighted the transparency and competitiveness of the privatization process during the televised auction.

Why It Matters: PIA's privatization to Arif Habib consortium marks a crucial step in Pakistan's economic reforms.