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Prime Minister Shehbaz Sharif has declared a complete privatization plan for the state-owned enterprises (SOEs) except for the strategic entities, with the aim of creating a business-friendly environment and boosting investment. This decision is a major addition to the original plan of Pakistan which was only about the privatization of the loss-making SOEs.
PM Shehbaz convened a review meeting and approved the plan both profitable and loss-making SOEs, instructing the federal ministries to cooperate with the Privatization Commission to ensure transparency throughout the process. Significantly, Shehbaz stressed the necessity of the broadcasting of the privatization process of entities like Pakistan International Airlines (PIA), including the bidding, to improve transparency and accountability.
The Privatization Program 2024-2029 roadmap was brought up during the meeting and the progress made in the privatization efforts up to now was emphasized. The pre-qualification process for PIA’s is expected to be finished by the end of the month, with the inclusion of power distribution companies in the privatization program.
First of all the loss-making SOEs will be privatized, and a panel of experts will be appointed to speed up the sell-off process. Finance Minister Muhammad Aurangzeb reiterated the government’s commitment to broad privatization, he rejected the idea of ‘strategic’ SOEs and he was in favor of a total approach.
Aurangzeb stressed the necessity of the private sector’s participation in the development of the economy and the solution of the problems of the country. He pointed out that both the local and foreign investors are taking part in the bidding process for SOEs, proving that they are interested and confident in Pakistan’s investment potential.
The government’s choice to widen privatization policies shows its dedication to the economic reforms and the efficiency in the management of state assets. Through the simplification of SOE operations and encouragement of private sector participation, Pakistan is trying to establish a more competitive and dynamic business environment which is suitable for sustainable growth.
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During the privatization process, the stakeholders will be closely observing the developments to evaluate the effects on the economy and investment market and expecting good results for Pakistan’s economic growth.
