Pakistan International Airlines (PIA), Pakistan’s national carrier, was one of the leading airlines in the region. It descended into a crisis some two decades ago and has been reporting losses for the past nearly 21 years. To everyone’s surprise, PIA reported a profit recently. It was accused to window-dressing it accounts. Let’s see what happened? Asad Ejaz Butt and Musharraf Rasool Cyan, ex-CEO PIA, discuss why PIA started making profits all of a sudden and whether it is being setup for privatization by the government. Cyan, now and economist in the US, thinks that this is a brave move by the government to privatize the PIA. It will a share of the national carrier and give management control to the foreign buyer who will have the autonomy to restructure and reform the company. Its debt is transferred to a holding company which will continue to remain a debt nuisance for the Government of Pakistan. Airfares might also be adjusted upwards in the months after privatization, says Cyan.
- September 9, 2026