The privatization of Pakistan International Airlines (PIA) has been a subject of considerable debate and scrutiny, with the government recently approving eligibility criteria for potential buyers. On Tuesday, the Privatisation Commission’s board, chaired by Privatisation Minister Abdul Aleem Khan, sanctioned the prequalification criteria for interested bidders, marking a significant step in the privatization process. The approved criteria set a minimum net worth requirement of Rs30 billion or $100 million for the buyer, aimed at attracting financially robust investors capable of revitalizing the national flag carrier. Additionally, the board established a prequalification committee to oversee the evaluation of potential buyers and ensure adherence to the stipulated criteria. This decision coincided with the government’s invitation for bids for the sale of 51% to 100% stakes in PIA, with a submission deadline of May 3rd for Statements of Qualification from investors. The release of the Expression of Interest and draft Request for Statement of Qualification (RSOQ) by the Privatisation Commission aims to attract a diverse pool of investors interested in acquiring a majority stake in PIA. The financial criteria outlined in the prequalification process necessitate that bidders demonstrate a minimum net worth of Rs30 billion or $100 million, based on the latest financial accounts. Moreover, in the case of a bidding consortium, the combined net worth should meet this threshold, with the lead bidder required to have a net worth of at least Rs8 billion or $25 million. However, some stakeholders have raised concerns about the relatively low net worth requirement vis-à-vis the substantial investment needed to acquire and revitalize PIA. Another crucial criterion mandates that bidding consortiums showcase non-airline enterprises with a minimum aggregate annual revenue of Rs200 billion or $700 million, underscoring the importance of financial stability and diversified business portfolios among potential investors.