Pakistani Finance Minister Miftah Ismail has denied offering the Qatar Investment Authority (QIA) stakes in PIA - Pakistan International Airlines (PK, Islamabad International) and New York's Roosevelt Hotel as a part of a larger investment agreement.
Speaking during a press conference, Miftah confirmed that Prime Minister Shehbaz Sharif had encouraged USD3 billion worth of Qatari investment in the struggling Pakistani economy but conceded that the Gulf state was only interested in a deal that would grant it long-term leases and concessions to operate some Pakistani airports. He stressed, however, that the sale of facilities was not on the table.
Earlier reports suggested that Islamabad was planning to pitch 51% stakes in the flag carrier and the New York hotel, which is owned by the airline, to the QIA, which is Qatar's sovereign wealth fund. Miftah stressed that such an offer was not discussed during Shehbaz's recent visit to Qatar.
A five-year restructuring plan prepared earlier this year foresees the return to profitability by 2024 of chronically loss-making PIA. Earlier this summer, Emirati sovereign wealth funds reportedly proposed taking minority stakes in the airline in return for a debt haircut.
