Pakistan plans to sell its struggling state-owned airline, Pakistan International Airlines (PIA), through a bidding on December 23, according to state media on Wednesday. This move is part of a $7 billion International Monetary Fund (IMF) program that requires the government to privatise or reform failing state companies. An earlier attempt last year failed due to low offers. Prime Minister Shehbaz Sharif met with companies involved in the process and said, "PIA’s bidding will take place on December 23, which will be broadcast live on all media. We are ensuring transparency and merit in the privatisation process." Sharif added the privatisation is moving “smoothly” and will help restore PIA's “lost prestige,” modernize operations, and resume international flights, which is vital for overseas Pakistanis. If successful, it will be Pakistan's biggest privatisation in nearly 20 years. Founded in 1946 and based at Karachi's Jinnah International Airport, PIA is Pakistan's national carrier. (With PTI inputs)