Pakistan’s Humiliation Complete: Forced To Sell National Airline To Survive – Asim Munir’s Fauji Foundation Among Bidders | World News
Pakistan’s economic collapse has reached a new level. The country is being forced to sell its national carrier, Pakistan International Airlines (PIA), to keep the IMF money flowing.
Despair
Prime Minister Shehbaz Sharif announced that PIA’s tender will be held on December 23 and will be broadcast live on all media platforms. This is not Pakistan’s first attempt. They tried selling PIA last year but canceled after receiving ZERO good offers. Nobody wanted Pakistan’s loss-making airline disaster. Now they have no choice but to try again while the IMF breathes.
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IMF Gun on Pakistan’s Head
The sale of 51-100% of PIA is a mandatory condition of Pakistan’s US$7 billion IMF rescue package approved in September 2024. While US$1 billion will be released immediately, the remaining funding is contingent on Pakistan completing this privatization.
If this sale does not occur, the money will stop. Without IMF money, Pakistan’s economy would have completely collapsed.
Guess who’s buying it? Of course Army
Four bidders were pre-qualified: Lucky Cement Consortium, Arif Habib Corporation Consortium, Fauji Fertilizer Company Limited and Air Blue Limited.
This is where it gets interesting. Fauji Fertilizer is owned by the Fauji Foundation, one of Pakistan’s largest military-controlled business empires.
Army Commander Asim Munir, Pakistan’s most powerful man, is not directly on the Foundation’s board of directors. But it doesn’t have to be that way. Münir appoints the General Quartermaster, who sits on the board of directors, giving him full indirect control over the Foundation’s operations.
Military Takeover Continues
The Pakistani military already controls most of the economy, and now the national airline is next in line. As the country sells assets, they are ready to buy it cheaply.
Sharif said the process will be “fair and transparent” and will restore PIA’s “lost reputation”. Have you lost your reputation? PIA has long been banned in Europe due to fake pilot licences. Respect died years ago.
IMF Loan to Pakistan
The IMF approved the $7 billion loan program for Pakistan in September 2024. After the immediate release of $1 billion, the remaining fund is planned to be used within three years.
