Facing Damaging Economic Crisis, Pakistan To Sell All Government Companies; Announces Shehbaz Sharif

Pakistan Economy: Pakistan, which is facing perhaps the most severe and damaging financial crisis, has decided to sell all its government companies. This was announced by Pakistan Prime Minister Shahbaz Sharif as the country is staring into a full-blown economic crisis and reeling under the strict conditions of the International Monetary Fund (IMF).

Prime Minister Shahbaz Sharif made this announcement in the Privatization Commission meeting in Islamabad on Tuesday.

“Doing business is not the job of the government, the job of the government is to provide a good environment for business and investment in the country,” said Shahbaz Sharif adding that all government companies will be sold whether they are making profits or not.

According to media reports, the government will retain only those companies that are “strategically” important.

Prime Minister Sharif appealed to all the ministers to cooperate with the Privatization Commission in simplifying the process.

Pakistan has 88 government companies, according to the December 2023 report of the Finance Ministry of Pakistan.

In the meeting, the privatization ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29, reported ARY News adding that the privatization ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29 in the meeting.

“The government had nothing to do with running the businesses but was mandated to facilitate the investors,” said Sharif as he viewed that the privatization of State-Owned Enterprises (SOEs) would save the taxpayers’ money to help the government provide quality services to the people.

“Government’s job is not to do business but to ensure a business and investment-friendly environment,” said Sharif as reported by ARY News as he directed to live telecast of Pakistan International Airlines Company Limited’s (PIA) privatization including bidding and other important steps. The process of privatization of other institutions will also be broadcast live.

(With ANI inputs)