PM says PIA to regain past glory after privatisation deal with Arif Habib Consortium

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday that Pakistan International Airlines (PIA) would improve its performance and service standards under the ownership of the Arif Habib Consortium.

He said this after the government signed transaction documents to privatise the loss-making national carrier.

Speaking at a signing ceremony in Islamabad, Sharif said the airline was expected to enhance punctuality, cabin services and professional standards, adding that passenger comfort and safety would be the new owners’ top priority.

“The nation is expecting better travel services and a stronger recognition of Pakistan’s name,” Sharif said.

The prime minister recalled that PIA was once among the leading airlines in the region, particularly during the 1960s, and expressed hope that the consortium would restore its past reputation.

Officials said the bidding process was conducted transparently and broadcast live.

He said that the privatization deal was closed at Rs180 billion with the consortium expected to spend Rs135 billion on improving the airline, while the government will receive 55 billion rupees.

Sharif praised Arif Habib and his team as prominent business leaders and congratulated government officials involved in the privatization process.

Deputy Prime Minister and Foreign Minister Ishaq Dar, senior ministers and top military officials attended the ceremony.

Privatization Adviser Muhammad Ali said the transaction would ultimately benefit the public through improved airline services.

PIA has long struggled with financial losses, operational inefficiencies and mounting debt, prompting repeated efforts by successive governments to restructure or sell the carrier.