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.
