The $3 Billion Illusion: Lessons from PIA’s Privatization and the Path Forward

The dust has finally settled on one of Pakistan’s most protracted economic sagas. As of late December 2025, Pakistan International Airlines (PIA) is officially set to change hands, with the Arif Habib Consortium securing the winning bid of Rs 135 billion for a 75% stake. On the surface, the government has declared victory. The “white…