Pakistan Announces Sweeping Privatization Plan For State-Owned Enterprises

• Pakistan to privatize all state-owned enterprises, except strategic entities, announced PM Shehbaz Sharif.
• Move expands initial plan to privatize only loss-making state firms, following IMF recommendations.
• Privatization of Pakistan International Airlines (PIA) already in final stage, as part of efforts to address fiscal shortfall.

EKO HOT BLOG reports that On Tuesday, Prime Minister Shehbaz Sharif made a bold announcement: Pakistan will privatize all state-owned enterprises, with the exception of strategic entities.

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This move expands the initial plan to privatize only loss-making state firms.

Following a meeting on the privatization process, Sharif’s office issued a statement outlining the new direction.

This development comes on the heels of an International Monetary Fund (IMF) mission arriving in Islamabad to discuss a new long-term Extended Fund Facility (EFF).

Previously, Pakistan had focused on privatizing only loss-making state-owned enterprises.

However, the IMF has long advocated for broader privatization as a solution to Pakistan’s fiscal challenges.

According to the statement, “State-owned enterprises will be privatized whether they are in profit or losses.”

This commitment is already being put into action, as the privatization of Pakistan International Airlines (PIA) is nearing its final stage.

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Notably, Pakistan completed a $3 billion standby arrangement with the IMF last month, paving the way for this new phase of privatization.

With this move, Pakistan is taking a decisive step towards addressing its fiscal shortfall.

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