The bidding process for the privatisation of Pakistan International Airlines (PIA) will be held in the first week of August as authorities in Islamabad seek avenues to grab funds for the cash-starved economy.

The development came during a meeting of the Federal Cabinet chaired by Prime Minister Shehbaz Sharif in Islamabad on Tuesday, reported Radio Pakistan.

It was informed in the meeting that process of privatisation of the national carrier is in progress, and companies showing interest in pre-bidding process are visiting various sites of PIA. “The bidding of PIA will be held in the first week of August,” read the report .

During the meeting, PM Shehbaz directed to expedite process of privatisation of PIA and give key importance to the element of transparency.

Pakistan’s government has previously said it was putting on the block a stake of between 51% and 100% in the loss-making airline as part of reforms urged by the International Monetary Fund (IMF).

The disposal of the flag carrier is a step that past elected governments have steered away from as it is likely to be highly unpopular, but progress on the privatisation will help cash-strapped Pakistan pursue further funding talks with the IMF.

Earlier, the Ministry of Privatisation said six companies/consortiums including Air Blue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol Consortium, and YB Holdings Consortium, have been pre-qualified in the process of PIA privatisation.

Meanwhile, chairing the meeting, PM Shehbaz said no new duties will be imposed on solar panels to ensure common man’s access to renewable solar energy.

As per the report, the Federal Cabinet was informed about the decision of the Economic Coordination Committee (ECC) to export sugar.

The attendees were told that there are ample reserves of sugar available in the country. The forum granted approval to export a small volume of sugar.

On this occasion, the Prime Minister issued a clear directive that no increase in the price of sugar will be allowed.