Prime Minister Shehbaz Sharif said on Wednesday that bidding for Pakistan International Airlines (PIA) would be held on December 23 with a live media broadcast.

The government has been seeking to sell a 51-100 per cent stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) programme.

It would be the country’s first major privatisation in nearly two decades. Four bidders have been pre-qualified for the sale: Lucky Cement Consortium, Arif Habib Corporation Consortium, Fauji Fertiliser Company Limited and Air Blue Limited.

A press release posted on X by state broadcaster PTV News said that the prime minister held a meeting with all corporate entities and company representatives participating in the privatisation process of the national airline.

“PIA’s bidding will take place on December 23, 2025, which will be broadcast live on all media,” the statement quoted the prime minister as saying.

He said the process was proceeding smoothly to restore the national carrier’s “lost prestige” and align it with modern requirements.

“Soon, PIA will once again live up to its tradition of ‘Great People to Fly With’.

“We are ensuring transparency and merit in the privatisation process of PIA,” he was quoted as saying.

The prime minister said the restoration of PIA’s flights worldwide would provide convenience to overseas Pakistanis, stressing that aligning it with modern requirements was “extremely essential” for the tourism sector’s development.

“I am hopeful that whoever among you takes on this important responsibility after the bidding will focus all their energies on restoring the prestige of the national airline and its development,” the prime minister said.

The statement added that the participants “commended the professional and transparent approach adopted by the government” during the entire process.

A parliamentary committee was informed in September that Pakistan International Airlines Corporation Limited was expected to be privatised by November. PM Shehbaz had directed authorities on Nov 20 to expedite and complete all phases of the privatisation with complete transparency.

But the development did not come to pass and last week, the National Asse­mbly Standing Committee on Privatis­ation sought a clear timeline to complete the ongoing bidding process and directed that the process be accelerated.

Once a leading global airline, PIA resumed European flights in January after a four-year EU ban linked to safety concerns.

A previous attempt to sell the airline failed as a $36 million bid from real estate firm Blue World City fell short of the $305 million floor price, with concerns over debt, staffing and limited control.