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Pakistan to sell national carrier PIA for IMF loans, Munir’s Fauji firm among bidders

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Pakistan government has directed authorities to expedite and complete all phases of the privatisation of PIA with complete transparency

Pakistan’s sale of its flag carrier PIA is its first major privatisation in two decades. The divestment comes because of an IMF bailout condition. With four bidders, including military-led Fauji Fertiliser, the auction on December 23 is key for a debt-ridden economy and its crippled national carrier.

Pakistan, which has been surviving on loans and doles, will auction off its debt-ridden national carrier, Pakistan International Airlines (PIA), on December 23, 2025, in a live-broadcast bidding process that the government describes as the “final step” to meet a key condition of its $7 billion IMF’s bailout package,  reported Geo TV.

The sale of between 51% and 100% of PIA shares — including full management control — is a formal structural benchmark under the Extended Fund Facility (EFF). The IMF’s Executive Board is scheduled to meet on December 8 to release the next $1.2 billion tranche ($1 billion EFF + $200 million climate facility); completion of the PIA bidding process by year-end is explicitly required for future disbursements.

Among the four companies that have pre-qualified for the bidding is Fauji Fertiliser Company Limited, part of the military-controlled Fauji Foundation.

“We’re targeting Rs 86 billion in privatisation proceeds this year. For PIA, in the last round of bidding, 15% of the proceeds were going to the government, with the rest staying within the company,” Pakistan’s Privatisation Minister Muhammad Ali told Reuters last month.

The divestment of PIA stakes would be Pakistan’s first major privatisation effort in two decades, according to Dawn.

“Four bidders have been pre-qualified for the sale: Lucky Cement Consortium, Arif Habib Corporation Consortium, Fauji Fertiliser Company Limited and Air Blue Limited,” it reported.

Fauji Fertiliser is part of the Fauji Foundation, which has emerged as one of the biggest corporate players in Pakistan, a country where the military has fingers in every pie.

Field Marshal Asim Munir, the most powerful person in Pakistan today, does not hold a direct position on the Central Board of Directors (CBDs) of Fauji Foundation. He appoints the Quartermaster General (QMG) who is part of the CBD of the Fauji Foundation.

Munir, as the head of the Pakistan Army, and now the unified defence forces, also exerts indirect influence over Fauji Foundation through the military’s institutional control, including appointments to key positions and alignment with national security and welfare priorities.

Government rules mandate that majority ownership must remain with Pakistani nationals; foreign entities are barred from acquiring controlling stakes.

The PIA divestment is crucial for Pakistan as it takes loans to refinance loans. In 2023, Pakistan was on the brink of defaulting on its debts, a result of its years of financial mismanagement. One of its major expenditure is on defence forces.

The $7-billion loan programme of the IMF for Pakistan was approved in September 2024 While $1 billion was  given immediately, the rest of the money was to be disbursed over a period of 3 years.

Pakistan, whose economy is in tatters, is the IMF’s fifth-largest debtor. It has taken more than 20 loans from the IMF since 1958.

(India Today)

 



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At least 139 dead, 84 missing as migrant boat capsizes off Djibouti

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A member of the International Organization for Migration inspects the abandoned wreckage of a boat that capsized off the coast of Djibouti on April 12, 2026 [Aljazeera]

At least 139 people, including 15 children, have died and 84 are missing after a boat capsized off the coast of Djibouti, according to the United Nations migration agency.

In a statement on Sunday, the International Organization for Migration (IOM) quoted survivors as saying that the incident happened near Guhere off Djibouti’s eastern coast in the Gulf of Aden near the Bab al-Mandeb strait from Thursday night to before dawn on Friday.

The boat was heading from Djibouti to Yemen with more than 300 people on board. More than 80 people – all Ethiopians – survived the shipwreck while Djiboutian search and rescue operations continued.

“Our teams are on the ground alongside local authorities to provide emergency assistance,” IOM Chief of Mission in Djibouti Alexandre Coissac said, lamenting the “devastating loss of life”.

That number only includes those buried by authorities in Djibouti. Others have been buried by the migrants themselves but they won’t be added to the official count until authorities can verify the bodies, Alexandre Coissac, IOM Chief of Mission in Djibouti, told the Associated Press.

“This tragedy is a stark reminder of the dangers faced by migrants along this migration corridor as they seek economic opportunities,” Coissac added.

[Aljazeera]

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‘Time for Ukraine to get new president,’ says Trump after Zelensky condemns diesel deal

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[file pic]

US President Donald Trump has said he thinks “it’s time for Ukraine to get a new president” as he responded to Volodymyr Zelensky’s criticism of the US diesel deal with Russia.

The Ukrainian president warned a new deal to release millions of tonnes of Russian diesel into the US would provide Moscow with money to continue its war against his nation, calling it a gift to Russian President Vladimir Putin.

Trump told reporters outside the White House on Saturday that Zelensky “wants to make problems for the world” by continuing to authorise attacks on Russian refineries.

“He’d better damn well stop,” Trump said, before suggesting Ukraine should “get a new leader who can make a deal”.

Global fuel supplies, including diesel, have been severely limited by the war against Iran launched by the US and Israel, which led to the effective closure of the Strait of Hormuz, through which roughly a fifth of the world’s oil products usually flows.

Russia – a major producer – and Ukraine have recently intensified their strikes on each other’s energy infrastructure and transport facilities, further straining energy markets.

“We said, ‘you can do whatever you want to Russia, don’t hit the refineries’, because that’s a world problem that’s caused,” Trump continued.

“He could have made many deals and for some reason, he never does.”

Putin’s envoy Kirill Dmitriev described Trump’s intervention as “iconic and historic”, saying that Ukraine “needs leadership actually focused on peace”.

The US president confirmed on Friday that an agreement had been reached with Moscow to suspend sanctions on Russian diesel exports until 7 April.

Zelensky reacted by saying it would allow Moscow to raise new funds to source new military equipment to continue the war.

He also accused Moscow of taking the deal “to mean they can keep fighting, to mean they keep dropping bombs on cities” following deadly new strikes on Zaporizhzhia.

The Ukrainian president spoke to several allies on Saturday to discuss the latest developments, calling for “real decisions to protect lives in Ukraine” and to protect European security.

A Downing Street spokesperson said UK Prime Minister Andy Burnham had spoken to Zelensky and offered his “complete solidarity”.

The pair had agreed Russia should acquiesce to “an immediate energy ceasefire” and end its attacks on shipping in the Black Sea, the spokesperson said, as “this would immediately release more energy and food supplies into the global market”.

News of the US-Russia diesel deal was also met with criticism by EU’s foreign affairs chief Kaja Kallas, who echoed Zelensky in saying that suspending sanctions “provides Moscow with more revenues to wage war”, adding: “This is not the time to ease pressure on Russia, and Europe won’t.”

She said European foreign ministers intended to approve the biggest set of sanctions on Russia since the start of its full-scale invasion on Monday.

The deal with Russia is the latest effort from Trump to lower fuel prices in the US ahead of the midterm elections, after months spent grappling with the political consequences of the Iran war.

That conflict, which began in February, has sent the cost of petrol and in particular diesel skyrocketing, which has soured his standing with the American public who have been stung by the higher pump prices and knock-on effects that led to across-the-board inflation.

The average price of diesel is currently $6.28 (£4.74) a gallon, according to the AAA – up from last month’s $5.94 average, and $3.68 last year.

Under the deal, Russia would release an initial 300,000 tonnes of diesel “to the American and global marketplace” followed by an additional 500,000 tonnes in November.

A further million would follow, Trump wrote on Truth Social, and then another 3m tonnes “within a short period of time” – but he noted that this delivery will be “based on the condition of their diesel refineries”.

In the past 10 months, Russia experienced two waves of severe fuel shortages across the country due to Ukrainian drones strikes on its oil refineries.

Diesel production in Russia dropped by an estimated 30%, according to the International Energy Agency.

Trump had already called for new elections in Ukraine last December, saying Ukrainian voters should have the choice to replace Zelensky.

Since the war broke out in 2022 Ukraine has been under martial law, meaning elections are suspended.

[BBC]

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Pope says death penalty ‘inadmissible’ as US plans to livestream execution

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[file pic] Pope Leo XIV attends a weekly general audience at St Peter's basilica in The Vatican [Aljazeera]

Pope Leo XIV has declared that the death penalty is “inadmissible” while his home country, the United States, announces plans to livestream an execution by firing squad.

Marking World Day Against the Death Penalty on Saturday, the pope reiterated the Catholic Church’s teaching on capital punishment, writing on X that it was “inadmissible because it is an attack on the inviolability and dignity of the person”.

“The common good can be safeguarded and the requirements of justice can be met without recourse to capital punishment,” his post said.

“Effective systems of detention have been developed that protect citizens while at the same time do not completely deprive those who are guilty of the possibility of redemption,” added the leader of the Catholic Church.

The American Pope’s comments come days after US Secretary of Defense Pete Hegseth said on Thursday that the firing squad execution of Nidal Malik Hasan on December 3 will be livestreamed.

Hasan was convicted of killing 13 people and wounding 32 others in a shooting at the Fort Hood military base in 2009.

Pope Leo did not specifically refer to the planned execution, or last month’s botched execution attempt on Christa Pike,  who survived two doses of the lethal injection in Tennessee.

But his post came hours after his top deputy, Cardinal Pietro Parolin, the Vatican secretary of state, told Vatican News that the plan to livestream Hasan’s execution was “unacceptable”.

It was Leo’s predecessor, Pope Francis, in 2018 who first amended official Catholic teaching to declare capital punishment “inadmissible” in all circumstances.

[Aljazeera]

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