Turkish Airlines (THY) has officially expressed its interest in acquiring Pakistan's national airline, Pakistan International Airlines (PIA). TALKS ARE CONTINUINGAccording to a statement by Pakistan's Minister of State for Finance, Ali Pervaiz Malik, negotiations between the Pakistani government and THY regarding the sale of PIA are ongoing. INVESTMENTS WILL INCREASEMinister Malik stated that the sale of PIA and other foreign investments will increase further as they contribute to Pakistan's macroeconomic stability. WILL PROVIDE NEW OPPORTUNITIES FOR THE COUNTRYAdditionally, the minister expressed that Pakistan is on the verge of completing its International Monetary Fund (IMF) program, and this development will offer new opportunities for the country with global financial institutions. THEY ARE UNDER A HEAVY DEBT BURDENPakistan International Airlines is under a debt burden of approximately 800 billion Rupees (2.9 billion dollars) and has received state support multiple times in recent years. The Pakistan Privatization Commission announced that the sale tender for PIA will be held on October 1, 2024.
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