P akistan is inching toward one of its most consequential economic decisions in nearly two decades, the privatisation of Pakistan International Airlines (PIA). With bidding now scheduled for December 23, the process marks a turning point for a carrier long weighed down by political interference, financial mismanagement and unsustainable losses.

The renewed push comes under the obligations of Pakistan’s USD 7 billion International Monetary Fund (IMF) programme, which explicitly requires the divestment of loss-making state-owned enterprises. But the roots of this privatisation drive go far deeper, tracing back several years of structural decline.

Why now?

Last year, the government attempted to sell PIA but failed to secure an attractive offer. A single bidder reportedly offered only PKR

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