Pakistan unveils broader privatisation plan for SOEs

ISLAMABAD: Pakistan will privatise all state-owned enterprises, with the exception of strategic entities, Prime Minister Shehbaz Sharif announced on Tuesday, broadening its initial plans to take only loss-making state firms private.

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The announcement came after Sharif headed a meeting on the privatisation process of loss-making state enterprises, according to a statement from his office.

It came a day after an International Monetary Fund (IMF) mission opened talks in Islamabad for a new long-term Extended Fund Facility (EFF) following Pakistan’s completion of a $3 billion standby arrangement last month.

Previously, Pakistan had only loss-making state-owned enterprises on its chopping block. Privatisation has long been on the IMF’s list of recommendations for Pakistan, a country struggling with a high fiscal shortfall.

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“State-owned enterprises will be privatised whether they are in profit or losses,” the statement said.

Privatisation of one of the largest loss-making enterprises Pakistan International Airline is in its final stage.