Deputy PM orders fast-tracking privatisation of state-owned entities
Business
It said Dar chaired an inter-ministerial meeting in Islamabad to review progress on the government’s privatization agenda.
ISLAMABAD (Web Desk) - Deputy Prime Minister Ishaq Dar directed authorities to fast-track the privatisation process for state-owned enterprises (SEOs), including the Pakistan International Airlines (PIA), state-run media reported.
“Deputy Prime Minister and Foreign Minister Ishaq Dar has directed the Ministry of Privatisation and the Privatization Commission to fast-track the privatization process,” state broadcaster Radio Pakistan reported.
It said Dar chaired an inter-ministerial meeting in Islamabad on Saturday to review progress on the government’s privatization agenda.
The deputy premier instructed relevant ministries to extend “full support” in the privatisation process, stressing the objective is to place SOEs on a “sustainable and profitable trajectory.”
“The meeting was briefed on ongoing steps and processes related to the privatization of major public sector entities, including PIA,” the state broadcaster reported.
The IMF has recommended Pakistan privatise its loss-making SOEs as it struggles with a high fiscal shortfall and a huge external financing gap.
The IMF says SOEs in Pakistan hold sizable assets in comparison with most Middle East countries, at 44 percent of GDP in 2019, yet their share of employment in the economy is relatively low. It estimates almost half of the SOEs operated at a loss in 2019.
