The Pakistan International Airlines (PIA) recorded losses of around Rs. 500 billion between 2015 and 2023, officials told the Senate Standing Committee on Privatization on Monday.

Privatization Secretary Usman Bajwa said the government decided to privatize the airline because it was incurring annual losses of nearly Rs. 100 billion.

Officials also said PIA’s biggest challenge has been weak management, which has prevented the airline from becoming profitable.

According to the briefing, PIA’s net worth had previously fallen to just Rs. 9 billion, but asset revaluation increased the airline’s value to around Rs. 41 billion before the privatization process.