Pakistan’s PM Shahabaz Sharif Decides to Privatize All Government-Owned Enterprises After IMF Meeting

The decision to privatize all government companies facing economic crisis and IMF’s tough conditions has been made by Pakistan. Prime Minister Shahbaz Sharif announced this on Tuesday during a meeting of the privatization commission in Islamabad. He said, “It is not the government’s job to do business, the government’s job is to create a conducive environment for trade and investment in the country.”

Sharif stated that all government companies will be sold off, whether they make profits or not. According to media reports, the government will only retain those companies that are strategically important.

The Prime Minister appealed to all ministers to cooperate with the privatization commission to simplify the process. According to a December 2023 report from the Finance Ministry of Pakistan, there are 88 government companies in Pakistan.

Companies in Pakistan will be put up for bidding and their sale will be broadcast live on TV.

Sharif announced the companies’ sale after meeting with Pakistan’s IMF advance team for 12 days. IMF officials had been asking Pakistan for a large loan for a long time. Prime Minister Shahbaz Sharif said that the process of selling companies will be transparently completed with IMF officials.

Pakistan International Airlines Limited will be privatized first. Bidding will take place, and its sale will be broadcast live on TV. The program for selling companies in Pakistan has been named ‘Privatization Program 2024-2029’. It includes Pakistan’s power companies as well. Those companies that are in losses will be sold first. Then those making profits will be sold to private companies.