Cash-strapped Pakistan on Tuesday announced plans to privatize most of its state-owned companies, including Pakistan International Airlines (PIA).
A day after discussions began with the International Monetary Fund (IMF) to set up a new Extended Fund Facility (EFF), Pakistan has approved the privatization of all state-owned enterprises (SOEs), except strategically important enterprises.
According to local media reports, Pakistan PM Shehbaz Sharif chaired a review meeting on privatization of state-owned enterprises and made this announcement.
According to a Geo News report, the Pakistani Prime Minister said during the meeting that privatization would include all enterprises without discriminating based on profitability or loss, except those of strategic importance.
Sharif emphasized that it is not the government's job to engage in business, but rather to create a conducive environment for trade and investment. He directed all ministries to take the necessary steps to implement this decision and collaborate with the privatization commission.
Stressing the need to make the privatization process transparent, he instructed that full information about the privatization process of Pakistan International Airlines (PIA), including bidding and other significant steps, be broadcasted on television.
According to media reports, the privatization of the government-owned airline PIA is in its final stages. Initially, there were discussions indicating that Pakistan was planning to privatize only loss-making government companies.
However, now the scope has expanded to include profit-making public enterprises as well.
