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Pakistan moves toward privatization of all state owned enterprises sans strategic entities

11:41 AM | 14 May, 2024
Pakistan moves toward privatization of all state owned enterprises sans strategic entities
Source: File Photo

ISLAMABAD – Prime Minister Shehbaz Sharif has ordered to carry out privatisation of all state-owned enterprises (SOEs), excluding the strategic ones as the government is taking stern measures to fix the country's Rs350 billion economy.

A statement issued by government confirmed the latest move to privatise all state-owned enterprises (SOEs) except strategic ones.

Ministry of Privatisation presented the roadmap for the Privatisation Program 2024-2029 during a meeting chairmed by Prime Minister Shahbaz Sharif who stressed government's role to create business-friendly environment and provide necessary facilities for business and investment, rather than engaging in business activities.

Pakistani government has not specified which state-owned enterprise (SOE) are considered strategic and exempt from privatization. The premier directed all federal ministries to cooperate with the Privatisation Commission to facilitate the privatization process.

Regarding the privatization of Pakistan International Airlines Limited (PIA), PM Sharif instructed to televise the bidding and key stages of the process. The pre-qualification process for the privatization of PIA is expected to be completed by the end of May.

Furthermore, PML-N led alliance government is in the process of consulting on the disinvestment of the ownership of the Roosevelt Hotel in the United States, a key asset of PIA. The First Women Bank Limited is also engaged in a government-to-government transaction with UAE.

Currently, Pakistan engages in talks with the International Monetary Fund (IMF) for a new long-term Extended Fund Facility (EFF). The government's privatization of SOEs is a key condition set by the IMF to avail a new program, following Pakistan's completion of a $3 billion Stand-By Arrangement (SBA) last month.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 21 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 21, 2024 (Friday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.6 280.75
Euro EUR 297  299.5 
UK Pound Sterling GBP 350.5  354 
U.A.E Dirham AED 74.80  75.6
Saudi Riyal SAR 72.75 73.5
Australian Dollar AUD 181.2 183
Bahrain Dinar BHD 740.91 749.18
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.11 40.51
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.62 916.62
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 28.83 29.13
Omani Riyal OMR 723.62 731.62
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.08 317.58
Thai Bhat THB 7.59 7.74

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