The federal cabinet would give the final nod on the Rs10 billion bid raised for the Pakistan International Airlines, Privatisation Minister Aleem Khan said on Sunday.

“The federal cabinet of Pakistan will review the Rs10 billion bid submitted by Blue World City for the purchase of PIA,” he told a press conference in Lahore. “The decision on whether to approve or reject this bid is still pending.”

Cash-strapped Pakistan is looking to offload a 51-100% stake in debt-ridden PIA to raise funds and reform bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme.

The Privatisation Commission decided on Thursday to again conduct the bidding process for the PIA after attracting only a Rs10 billion bid for the national flag carrier against the valuation of Rs85 billion from a single bidder, Blue World City Consortium.

Initially, the commission had deemed six bidders eligible, allowing them to participate in the bidding for the loss-making national carrier. But five of such bidders have opted out of the process.

According to Aleem, the privatisation process of the national airline was under way.

“The framework for PIA’s privatisation was established under the caretaker government. I cannot alter the privatisation framework,” he said, “I have the responsibility to sell the PIA considering its state.”

The minister advised the critics to introspect and recall who contributed their part to the national flag carrier’s downfall.

Successful bidders would be eligible to acquire between 51% to 100% of PIA’s share capital.

It merits mentioning that the national carrier is a public limited company, with approximately 96% of its capital owned by the government.

PIA operates in various business sectors, including passenger services, ground handling, flight training, cargo, engineering, and in-flight catering.

Aleem stated that the PIA is a national asset and cannot be sold at a low price. “The Khyber Pakhtunkhwa government has expressed interest in purchasing, and I also heard from Nawaz Sharif yesterday [about his intention to buy PIA]. If any province wishes to buy, I have no objections.”

His comments were made against the backdrop of the Khyber Pakhtunkhwa Board of Investment’s letter to the federal government, expressing their interest in participating in the privatisation process of the PIA.

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Moreover, Punjab Chief Minister Maryam Nawaz has urged her father and former prime minister Nawaz Sharif to purchase the national airline.

Aleem encouraged all provinces, including Sindh, Punjab, and Balochistan, to contribute to the airline’s future. “I still say that if PIA is managed properly, it can be profitable. Those who criticize what has happened to PIA should identify one party that hasn’t played a role in its decline.”

He went on to add, “Before me, there have been 25 privatisation ministers. While I excel at running businesses, this is not my enterprise but a trust of the nation. It is my responsibility to sell it.”