Islamabad: (RightNow) The privatization of PIA is expected to generate at least Rs 55 billion for the government. The total asset value of the national airline under this privatization is reported to be Rs 191.53 billion.

According to documents, PIA’s total liabilities exceed Rs 182 billion, while net assets are valued at Rs 9.10 billion. Properties worth Rs 14 billion, including 11 assets, have been put up for sale.

The government has decided to retain 33 key properties, including the Roosevelt Hotel in New York and the Scribe Hotel in Paris. These properties will remain under government ownership through the PIA Holding Company.

The proceeds from the sale of PIA’s 100% equity stake will help settle employee liabilities and dues of other government entities.

It is noteworthy that under the IMF program, the government had limited capacity to provide further financial assistance to PIA. Post-privatization, the airline’s fleet is expected to be upgraded, and new routes may be launched.