ISLAMABAD – The government of Pakistan announced selling seven state-owned entities to fulfill its commitments under $7 billion loan program with the International Monetary Fund (IMF).
The privatization process will help the coalition government raise funds and restructure financially troubled state-owned enterprises, contributing to the country’s economic stability. The following are entities being considered to sell under the latest plans.
Roosevelt Hotel in NYC, owned by PIA, is also up for privatization. The hotel, situated in one of the most expensive areas in the city, had been leased to the Immigrant Housing Business under the New York City Government.
Zarai Taraqiati Bank Limited (ZTBL) is another key entity set to be privatized. Officials have indicated that the sale of ZTBL is expected to be completed by November 2024, and a financial advisor is being appointed to facilitate the process.
Three power distribution companies Islamabad, Faisalabad, and Gujranwala will be privatized for these entities is expected to be completed by December 2024, although decisions regarding whether they will be sold individually or collectively are still under review.
Other entities include First Women Bank Limited, with reports suggesting that the United Arab Emirates (UAE) is interested in acquiring it, though they prefer a government-to-government arrangement instead of participating in an open bidding process.
