“`html

Pakistan ⁤Sells⁢ Controlling Stake in PIA for Rs135 Billion

Defence Minister Khawaja Asif stated on Wednesday that the government is satisfied wiht ⁣the sale of pakistan International‌ Airlines (PIA), emphasizing⁣ its “symbolic value”. He shared these views on Geo News program ‍ ‘Geo Pakistan’.

“Yes,the⁤ government is satisfied. This is the first biggest transaction of our privatisation process. This transaction has‌ a great ⁤symbolic value,” Asif said, noting that the privatization of First ⁣Women Bank, while previously occurring, was not of comparable scale.

The ⁢Arif Habib group-led consortium won the auction for a controlling stake in Pakistan International Airlines ‍Corporation Ltd (PIACL)⁤ on Tuesday with a bid of Rs135 billion, marking the country’s first major privatization in⁢ nearly two decades.

This ​sale is a crucial ⁤component of the government’s strategy to‍ divest loss-making state-owned enterprises and a key requirement under Pakistan’s $7 billion international Monetary Fund bailout programme.

Asif highlighted the​ “symbolic value” of the sale, referencing the historical context ⁣of the transaction. He pointed to a 2020 statement by former aviation minister Ghulam Sarwar Khan, which revealed that over 262 of Pakistan’s ‍860 active pilots held fake licenses or had cheated on exams.

This revelation led to bans by European and‌ UK ⁢authorities on PIA flights to their territories – previously the airline’s ⁢most profitable ‌routes ⁣-⁢ and prompted foreign airlines to ground Pakistani-origin pilots.

These events followed the 2020 PIA flight crash near karachi,