NewsTurkish Airlines is acquiring Pakistan's major airline company.

Turkish Airlines is acquiring Pakistan's major airline company.

Turkish Airlines is acquiring Pakistan's major airline company.

24.09.2024 10:50

Turkish Airlines has taken steps to acquire Pakistan's national airline, Pakistan International Airlines. The announcement was made by Pakistan's Minister of State for Finance, Ali Pervaiz Malik, who stated that negotiations regarding the sale are ongoing and that this development will provide the country with new opportunities with global financial institutions.

Turkish Airlines (THY) has officially expressed its interest in acquiring Pakistan's national airline, Pakistan International Airlines (PIA).

TALKS ARE CONTINUING

According 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.

Turkish Airlines is acquiring Pakistan's giant airline

INVESTMENTS WILL INCREASE

Minister 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 COUNTRY

Additionally, 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.

Turkish Airlines is acquiring Pakistan's giant airline

THEY ARE UNDER A HEAVY DEBT BURDEN

Pakistan 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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