Pakistan’s Ambitious Privatization Agenda: PM Sharif Announces Comprehensive Plan for State-Owned Enterprises

This announcement comes on the heels of talks initiated by an International Monetary Fund (IMF) mission in Islamabad, aimed at negotiating a new long-term Extended Fund Facility (EFF).

Islamabad: In a significant development, Prime Minister Shehbaz Sharif of Pakistan declared on Tuesday that the country would embark on an extensive privatization initiative encompassing all state-owned enterprises (SOEs), except for those deemed strategically vital.

The decision to broaden the privatization scope follows a meeting chaired by Prime Minister Sharif to discuss the privatization process of loss-making state enterprises, as stated by his office.

Also Read | Protest March Halted in POK as Pakistani PM Addresses Grievances

This announcement comes on the heels of talks initiated by an International Monetary Fund (IMF) mission in Islamabad, aimed at negotiating a new long-term Extended Fund Facility (EFF). These discussions were initiated after Pakistan successfully completed a $3 billion standby arrangement with the IMF last month.

Previously, Pakistan’s privatization efforts were primarily focused on addressing the financial struggles of loss-making state-owned enterprises. However, in a departure from past strategies, Prime Minister Sharif’s administration has decided to extend privatization measures to include both profitable and unprofitable state-owned entities.

Also Read | US Secretary of State Blinken Arrives in Ukraine Amid Escalating Tensions with Russia

According to the statement issued by the Prime Minister’s office, “State-owned enterprises will be privatized whether they are in profit or losses,” underlining the government’s commitment to comprehensive reform in this sector.

Of particular note is the impending privatization of Pakistan International Airlines (PIA), one of the largest loss-making enterprises in the country. The privatization process for PIA is reportedly in its final stages, signaling a significant milestone in Pakistan’s broader privatization agenda.

Recent News

Kabul Raises Alarm Over Forced Repatriation of Afghans in Meeting With Pakistani FM

Kabul/Islamabad: In a rare diplomatic engagement, the Taliban's acting foreign minister, Amir Khan Muttaqi, conveyed “deep concern and sadness” to Pakistan’s Foreign Minister Ishaq...

Putin Declares Easter Truce as Russia and Ukraine Conduct Largest Prisoner Exchange of the War

Moscow/kyiv: Russian President Vladimir Putin announced a temporary ceasefire in the ongoing conflict with Ukraine on Saturday, coinciding with the Easter holiday. The truce,...

India on Musk’s Radar: Tesla CEO Plans Visit After PM Modi Call

New York: Elon Musk announced on Saturday that he plans to visit India later this year, shortly after a conversation with Indian Prime Minister...

Fate of U.S.-Israeli Soldier Edan Alexander Unclear, Says Hamas

Jerusalem: Hamas' armed wing announced on Saturday that the fate of Israeli-American hostage Edan Alexander is currently unknown, following the death of the guard...