Pakistan, July 8 -- The government of Pakistan has approved four key groups to move forward in the bidding process for the sale of Pakistan International Airlines (PIA). The move is part of a major plan to sell 51% to 100% shares of the debt-ridden airline. This sale aims to cut financial losses, attract investment, and fulfill targets under the country's $7 billion IMF programme.

This would be Pakistan's first major privatisation in nearly two decades. The step is seen as crucial for reforming state-owned enterprises (SOEs) that have long drained public funds. Privatisation Minister Muhammad Ali said that the shortlisted bidders will now begin buy-side due diligence, which includes reviewing PIA's financial and operational data in detai...