Islamabad: Prime Minister Shehbaz Sharif has announced that the transformational investment aimed at modernising and strengthening Pakistan International Airlines (PIA) is a foundational step towards the airline's revival, while also bolstering investor confidence in the country.

According to Radio Pakistan, the Prime Minister shared in a post on X that the successful completion of the first financial closing of the PIA privatisation transaction, alongside the transfer of management control to an investor consortium, marks the beginning of a promising new era for the national carrier.

Prime Minister Sharif expressed his appreciation for Deputy Prime Minister Ishaq Dar and paid special tribute to Field Marshal Syed Asim Munir and his dedicated team. He also acknowledged the contributions of the Adviser to the Prime Minister on Privatisation, Muhammad Ali, Finance Minister Muhammad Aurangzeb, the Privatisation Commission, and all involved whose professionalism and relentless efforts led to this significant achievement.

The Prime Minister emphasized the collective commitment to pursue bold reforms aimed at strengthening Pakistan's economy, creating opportunities for its citizens, and securing a more prosperous future for the nation.

In his statement, Prime Minister Sharif highlighted that the First Financial Closing of PIA serves as a strong indicator to both domestic and international investors that Pakistan is open for business and is dedicated to implementing reforms and fostering growth.

He also celebrated this achievement as a historic milestone in Pakistan's privatisation history, extending congratulations to the nation.

Additionally, the Prime Minister reiterated the government's dedication to safeguarding the interests of employees, passengers, and consumers, ensuring a seamless transition and uninterrupted airline operations.