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HomeBusinessPM Sharif announces comprehensive SOE privatization plan

PM Sharif announces comprehensive SOE privatization plan

Prime Minister Shahbaz Sharif recently declared the privatization of all state-owned enterprises (SOEs), excluding strategic entities, during a review meeting in Islamabad.

The decision, part of the Privatization Program 2024-2029, aims to enhance efficiency and save taxpayers’ money for service improvements.

Emphasizing transparency, the PM stressed the need for a business-friendly environment and directed federal ministries to support the Privatization Commission. Notably, the bidding process for Pakistan International Airlines Limited (PIA) will be televised, with the pre-qualification phase expected to conclude by May’s end.

Read more: IMF in talks with Pakistan for new loan amid economic challenges

Additionally, discussions regarding the divestment of the Roosevelt Hotel, a vital PIA asset, and potential transactions involving First Women Bank Limited with the United Arab Emirates were highlighted. These initiatives align with conditions set by the International Monetary Fund (IMF) for a new Extended Fund Facility (EFF) following Pakistan’s recent completion of a $3 billion Stand-By Arrangement (SBA).

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