The IMF mission in Pakistan expressed concerns over government-owned entities’ increasing losses, requesting a fresh report. The Pakistani authorities assured submission of the report within two days. The IMF reportedly urged Pakistan to privatize government-owned enterprises as part of addressing the finance shortage, amid ongoing talks between the two. Prime Minister Shehbaz Sharif announced plans to privatize all state-owned enterprises.
ISLAMABAD: The talks between Pakistan and the International Monetary Fund (IMF) for a fresh loan are underway in Islamabad, ARY News reported on Wednesday.
The IMF mission during talks expressed ‘concern’ over the increasing losses of the government-owned entities and summoned a fresh report regarding current losses, the sources said.
The Pakistani authorities assured the IMF mission of submission of the latest report within two days as the Central Monitoring Unit in the finance ministry is working on the report.
The IMF has reportedly asked Pakistan to take steps for privatization of the government-owned enterprises.
The International Monetary Fund (IMF) delegation is currently in Pakistan as Islamabad is interested in taking another programme from the international lender to address the finance shortage.
On Tuesday, Prime Minister Shehbaz Sharif announced to privatise all state-owned enterprises except for strategically important entities.
Chairing a review meeting on matters related to the Ministry of Privatization and Privatization Commission in Islamabad, the prime minister said apart from strategic state-owned enterprises, all other enterprises, whether profitable or loss-making, will be privatised.
In the meeting, the privatisation ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29.
The recent discussions between the International Monetary Fund (IMF) and Pakistan have brought to light the pressing issue of privatisation of national entities. The IMF has suggested that Pakistan undertake the privatisation of state-owned enterprises as part of the structural reforms needed to address the economic challenges facing the country. This call for privatisation has sparked significant debate and scrutiny within Pakistan, with stakeholders expressing a range of perspectives on the potential implications of such a move. Proponents argue that privatisation can bring greater efficiency, competitiveness, and innovation to these entities, while critics raise concerns about potential job losses, the impact on workers, and the potential for foreign acquisition of vital national assets. As discussions unfold, it is crucial for policymakers and citizens alike to carefully consider the implications and potential outcomes of privatisation, weighing the possible benefits against the broader socioeconomic impact. The IMF’s recommendation has undoubtedly set the stage for vigorous debate and deliberation in the coming days, with Pakistan standing at a critical juncture in its economic decision-making.
Source: ARY NEWS
IMF, Pakistan, loan talks, government-owned entities, losses, privatization, finance shortage, Prime Minister Shehbaz Sharif, state-owned enterprises, Privatization Commission, roadmap, Privatisation Program 2024-29. The IMF is in talks with Pakistan, expressing concern over the increasing losses of government-owned entities and requesting a report on the current losses. Pakistan assured submission of the report within two days. The IMF has asked Pakistan to privatize government-owned enterprises. Prime Minister Shehbaz Sharif announced the privatization of all state-owned enterprises except for strategically important entities. The Privatization Commission presented a roadmap for the Privatisation Program 2024-29 during a review meeting.
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