Prime Minister Shehbaz Sharif announced on Tuesday his decision to privatize all state-owned enterprises (SOEs) except for those deemed strategically important.
During a review meeting in Islamabad concerning matters related to the Ministry of Privatization and Privatization Commission, the Prime Minister emphasized that all enterprises, whether profitable or not, would be subject to privatization, excluding those classified as strategically significant.
The meeting saw the presentation of a roadmap for the Privatization Program 2024-29 by the Ministry of Privatization and the Privatization Commission.
Prime Minister Shehbaz Sharif stressed that the government’s role is to facilitate investors rather than engage in business operations. He highlighted that privatizing SOEs would help save taxpayers’ money and enable the government to provide better services to the people.
The Prime Minister directed all federal ministries to take necessary action and cooperate with the Privatization Commission. He also instructed for the live telecast of the privatization process of Pakistan International Airlines Company Limited (PIA), including bidding and other crucial steps. Similar transparency measures would be implemented for the privatization of other institutions.
The meeting received updates on the progress of privatizing state-owned enterprises, with the pre-qualification process for PIA privatization expected to conclude by the end of the month. The privatization of power distribution companies has been included in the 2024-2029 privatization program.
Priority will be given to privatizing loss-making SOEs, and a panel of experts is being appointed in the Privatization Commission to expedite the process.
The meeting was attended by several federal ministers and relevant senior officers. Federal Minister for Finance Muhammad Aurangzeb had previously directed concerned ministries and divisions to submit proposals for the categorization of their respective SOEs by May 20.
The Cabinet Committee on Privatization (CCOP) had approved 24 state-owned enterprises for the privatization program, with the Ministry of Privatization directed to determine the phasing of each entity in consultation with the respective ministries.
