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Pakistan to privatise all state-owned enterprises, says PM Sharif

Announcement comes a day after an International Monetary Fund (IMF) mission opened talks in Islamabad for a new long-term Extended Fund Facility

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Pakistan's Prime Minister Shehbaz Sharif. Photo: Reuters file

By Reuters

Published: Tue 14 May 2024, 11:28 AM

Pakistan will privatise all state-owned enterprises, with the exception of strategic entities, Prime Minister Shehbaz Sharif announced on Tuesday, broadening its initial plans to take only loss-making state firms private.

The announcement came after Sharif headed a meeting on the privatisation process of loss-making state enterprises, according to a statement from his office.

It came a day after an International Monetary Fund (IMF) mission opened talks in Islamabad for a new long-term Extended Fund Facility (EFF) following Pakistan's completion of a $3 billion standby arrangement last month.

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Previously, Pakistan had only loss-making state-owned enterprises on its chopping block. Privatisation has long been on the IMF's list of recommendations for Pakistan, a country struggling with a high fiscal shortfall.

"State-owned enterprises will be privatised whether they are in profit or losses," the statement said.

Privatisation of one of the largest loss-making enterprises Pakistan International Airline is in its final stage.

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Reuters

Published: Tue 14 May 2024, 11:28 AM

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