ISLAMABAD, Jan. 17 (Xinhua) -- Pakistan will privatize the core business of its national airlines Pakistan International Airlines (PIA) by mid-April, before the end of the current government's tenure this year.

Daniyal Aziz, minister of Privatization Commission, said the government would sell core business regarding management and flight operation of the airlines, whereas all other properties would remain in custody of the government.

He said the PIA had been in loss for decades and a huge burden on the national kitty, therefore the agenda of divesting the national airlines had always been on the top of the list of every government. Sharing the figures, the minister said the airline has suffered up to 325 billion rupees (2.093 billion U.S. dollars) till March 2017.

The parliament has passed a bill in 2016 under which the government can park the national flag carrier's liabilities and surplus staff with a new entity and enabled the divestment of up to 49 percent shares to the private sector.

Aziz said the government is also planning to establish another company under which all the fixed assets of PIA would be managed.

The Pakistani government is bound to privatize the national airlines because of its understanding with the International Monetary Fund (IMF) as it gave loans to the country under the condition that it will sell at least 26 percent of PIA's assets to strategic investors.

Local TV channel Express quoted sources from the airlines as saying that Gulf airlines Etihad and Emirates showed interest in buying the airlines.

The process of privatization of the PIA was initiated in 2016 by the government but it faced a fierce backlash from most the airline's 15,000-member staff, who rallied at major airports across the country, asking the government to cancel its privatization plan.

The government deferred the privatization process after two protesters were killed in clashes with police and several others got injured, but the government passed a law under which it could only sell the management of the airlines.

It was not allowed to sell the ownership as it had been decided by the parliament that the state will keep 51 percent share of the national flag carrier and will assure the rights of the employees.

At a recent press briefing, Aziz ensured that during the privatization process, all legal rights and monetary benefits of PIA employees would be fully protected.

He said the privatization would be highly beneficial for the country and the people as it would not only help overcoming huge losses to the national kitty, but also the people would enjoy more competitive flights with state-of-the-art international facilities.

The airline was founded on Oct. 23, 1946, in the pre-independence era as a private company called Orient Airways. It was nationalized in 1955 and was renamed as Pakistan International Airlines.

The government is hopeful that the privatization process will complete before the end of its term, or mid-April, but the reaction of the move from the employees of the airlines is yet to been seen.