The government’s plan to privatise Pakistan International Airlines (PIA) has unfolded just as slowly and messily as predicted. After soliciting bids from various conglomerates, only one offer emerged—a bid from the controversial real estate developer, Blue World City.

The bid itself was almost laughably low, falling well below the government’s minimum price. This isn’t just a failure; it’s embarrassing. Here we have a real estate developer attempting to exploit the government’s desperation, offering a lowball figure in the hope that officials, with no other offers in sight, will accept whatever they can get.

As it stands, the government should firmly reject this bid. It’s not only insufficient; it comes from a company with no expertise in aviation. There’s a high risk that this group, with little to no relevant experience, would perform even worse than PIA in managing an airline. The goal of privatisation should not merely be to recoup funds and lay off staff to cut losses.

The aim, ideally, should be to transfer a functioning airline with skilled staff, pilots, and equipment to a qualified party that can improve efficiency and deliver reliable service across Pakistan. Though the government has committed to divesting from PIA in line with International Monetary Fund requirements, selling it under such unfavourable terms would be unwise. The government should consider pausing the process, reassessing potential bidders, adjusting the terms, and trying again with a more strategic approach.

The issue here is symptomatic of a broader problem in Pakistan. Time and again, the government has renegotiated sovereign-backed deals, such as those with independent power producers, eroding investor confidence. To attract fair bids for PIA, the government must restore its credibility and reputation in the market. Only then can it hope to secure a fair price for this historic airline.