The federal government has officially invited expressions of interest (EOIs) from potential investors for the privatisation of Pakistan International Airlines (PIA), marking a major development in its bid to offload a controlling stake in the national flag carrier. According to the Privatisation Commission, the decision has been made to sell between 51% and 100% of PIA shares, along with management control, to the prospective buyer. Interested parties have until June 3, 2025 to submit their EOIs. As part of the process, the government has announced a number of incentives for investors. These include relief from 18% general sales tax (GST) on the purchase or lease of new aircraft. Additionally, protection and coverage will be provided in certain tax and legal cases, the commission stated. The move also involves the transfer of specific liabilities listed on PIA’s balance sheet, aimed at making the offer more attractive to potential buyers. This privatisation effort is a central component of the government’s br...
Pakistan on Thursday announced the suspension of trade, bilateral accords and airspaces with India, among other moves, as it retaliated to New Delhi’s slew of aggressive measures against the country in the wake of a deadly attack in India-held Kashmir. Among India’s actions was the unilateral decision to suspend the 1960 Indus Water Treaty, which was brokered by the World Bank and has endured through wars and decades of hostility. The decisions were made during a meeting of the National Security Committee (NSC) in Islamabad today, convened to formulate a response to India. Chaired by Prime Minister Shehbaz Sharif, the meeting was attended by top government and military officials, including the defence minister, foreign minister, interior minister, national security adviser, and the chiefs of armed forces, among others. The committee highlighted that the Indus Waters Treaty is a binding international agreement brokered by the World Bank and contains no provision for unilateral suspension. Water is a Vital Nati...