U.S, Dec. 24 -- In a landmark move that reshapes Pakistan's aviation sector and economic reform agenda, the government has successfully privatized Pakistan International Airlines (PIA) by selling a 75 % controlling stake to a private business consortium led by the Arif Habib Group for 135 billion rupees (482 million) in a televised auction held this week.

Historic Deal After Years of Delays

PIA - once among the region's leading carriers but beset by decades of financial losses, operational challenges, and political interference - has long been earmarked for privatization as part of broader economic reforms urged by the International Monetary Fund (IMF). Earlier attempts, including a failed 2024 auction that drew only a token bid far bel...