ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday announced that the government would privatise all state-owned enterprises (SOEs), excluding the strategic ones, regardless of their profitability or financial losses.
The prime minister made the announcement while chairing a review meeting on matters related to Ministry of Privatisation and Privatisation Commission in Islamabad.
The development comes after Pakistan opened talks with the International Monetary Fund (IMF) for a new long-term Extended Fund Facility (EFF).
PM Shehbaz, during the meeting, said that apart from strategic state-owned enterprises, all the enterprises — profitable or loss-making — will be privatised.
Directing all federal ministers to take action and cooperate with the Privatisation Commission, the premier said that the privatisation process should be transparent.
PM Shehbaz said that the government’s job is not to do business but to ensure a business and investment friendly environment.
He also directed to televise the Pakistan International Airlines Company Limited’s (PIACL) privatisation process including bidding and other important steps. The process of privatisation of other institutions will also be broadcast live.
During the meeting, the ministry presented a roadmap of Privatisation Program 2024-2029. It was informed about the privatisation progress of the SOEs and that the pre-qualification process for PIA privatisation to be completed by the end of this month.
The meeting was also informed that the loss-making companies should be privatised on a priority basis and that a pre-qualified panel of experts is being appointed in Privatisation Commission to speed up process.
Earlier, Deputy Prime Minister Ishaq Dar, while presiding over a meeting of the Cabinet Committee on Privatisation, reportedly prioritised the privatisation of loss-making SOEs.
“You have to move towards privatisation if you want economic stability in the country,” Aurangzeb said while speaking at the Pre-Budget Conference 2024-25 in Lahore.
