KARACHI, April 2 Reuters Pakistan is putting on the block a stake ranging from 51 to 100 of lossmaking national carrier Pakistan International Airlines, the privatisation panel said on Tuesday, as part of reforms urged by the IMF.

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

In a newspaper advertisement, the panel set a deadline of May 3 to receive statements of interest in PIA, which has piled up arrears of hundreds of billions of rupees, and it appointed EY Consulting as the financial adviser for the deal.

The restructured PIA is being offered to potential investors in its 39;debtlite39; new structure for a 51plus stake, the Privatisation Commission said in a website presentation.

The panel aimed to sign a share price deal by June 24, after completing all steps in the transaction, it added.

The restructured PIA provides an opportunity to invest in a a fullservice airline.

PIA39;s 23 share of Pakistan39;s aviation market is the biggest, and the airline could grow further to exceed historic levels of 30, the panel said.

With a fleet of 34 aircraft comprising 17 Airbus A320s, 12 Boeing B777s and 5 ATRs, the airline loses traffic to Middle Eastern carriers, who have a market share of 60, because of an absence of direct flights to destinations.

The carrier has air service pacts…