Ten businesses, including three domestic aviation companies, have put in their bids.

According to the sources, other organizations interested in purchasing the majority of PIA shares include Fly Jinnah, AirSial, Arif Habib Group, Shujaat Azeem Group’s consortium, Tabba, Tariq Group, and Sehgal groups.

In order to provide these businesses more time to complete their bids, the PIA privatization deadline, which was originally set for May 3 (today), has been extended to May 18.

The Federal Minister for Privatization, Abdul Aleem Khan, declared in his announcement that the deadline for submitting statements of interest for national flag carriers will not be extended.

Sources claimed that although the Privatization Commission and the PIA administration ran a number of roadshows, they were not very successful.

An earlier request for a 30-day extension to hold its annual general meeting (AGM) was made by Pakistan International Airlines (PIA).

Citing inadequate financial reports and an audit as reasons for the delay, the national flag carrier has applied to the Securities and Exchange Commission of Pakistan (SECP).

A letter explaining the extension and its rationale to shareholders was also sent by the airline to the stock exchange.

The request for a postponement is connected to PIA’s current privatization process, according to people with knowledge of the situation.

Following the requested delay, they estimate that the AGM will occur by May 30.

The central bank’s foreign reserves rose by $25 million to $8,006 million during the week under review, according to a statement released by the SBP here on Thursday.

It also stated that commercial banks reported holding $5,310 million in net foreign reserves. As of the previous week, which ended on April 19, 2024, the nation had $13,280.5 million in total liquid foreign reserves.

Among them, the central bank had foreign reserves of $7,981.2 million, while commercial banks had net foreign reserves of $5,299.3 million.

According to the State Bank of Pakistan (SBP), Pakistan got the much expected $1.1 billion last payment from the International Monetary Fund (IMF) as part of the $3 billion standby agreement on Tuesday.

The Special Drawing Rights (SDR) 828 million, or $1.1 billion in worth, were given to the SBP “after the successful completion of the second review by the Executive Board of IMF under Stand By Arrangement (SBA),” according to the SBP.

According to the central bank, the payment will show up in SBP reserves for the week that ends on May 3, 2024.

Matthew Miller, a spokesman for the department, stated, “We support efforts to stabilize its economy, including reaching an agreement with the IMF.”

He declared, “Our trade and investment ties, as well as our technical engagements, are all priorities of our bilateral relationship, and we will continue to engage with them through their economic success.”

it is important to note that an International Monetary Fund (IMF) delegation will visit Pakistan this month to talk about a new “long-term and larger” loan package designed to assist the government in paying back billions of dollars in debt that is due this year.

Discussions on a new loan plan have been set between Pakistan and the foreign lender. There will be two stages to the meetings: technical discussions and policy-level conversations.

Prior to the upcoming negotiations, Pakistan must overcome formidable economic obstacles, including the collapse of an IMF-proposed tax amnesty program.

As part of the $3 billion standby arrangement, Pakistan recently got the much awaited $1.1 billion last payment from the IMF.

Special Drawing Rights (SDR) 828 million, or $1.1 billion in worth, were given to the SBP “after the successful completion of the second review by the Executive Board of IMF under Stand By Arrangement (SBA),” according to the SBP.

Pakistan is requesting a new, longer-term loan from the IMF, and according to Finance Minister Muhammad Aurangzeb, Islamabad could get an agreement at the staff level  on the new program by early July.