Pakistan looking to raise more than $1bn under govt push for privatisation, says finance minister
The government is looking to push for the privatisation of five to six entities that could raise upwards of $1 billion, Finance Minister Muhammad Aurangzeb told Reuters on Monday, stating that he expected the economy to grow by more than 4 per cent this fiscal year despite elevated oil prices. Pakistan’s economy is considered to be highly vulnerable to a prolonged Middle East conflict given its…
The Pakistani government is actively pursuing the privatization of five to six entities, potentially raising over $1 billion, according to Finance Minister Muhammad Aurangzeb. Despite the high price of oil, the country's economy is projected to grow by more than 4% this fiscal year. Pakistan's vulnerability to a prolonged conflict in the Middle East is heightened due to its reliance on Gulf energy imports, remittances, and foreign assistance.
The government has managed to secure enough fuel and critical sectors like agriculture are performing well. Aurangzeb remains optimistic about economic growth, despite high inflation, and is closely monitoring the situation. The government has around a dozen entities in the pipeline for privatization, including power distribution companies and the outsourcing of airport operations, which could raise over $1 billion.
Privatization is seen as a crucial test for Pakistan's reform credibility with the IMF. Talks with the IMF for a $1.21 billion financing package and a climate program are ongoing, and Pakistan is negotiating for a potential $10 billion exchange stabilisation facility.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Pakistan looking to raise more than $1bn under govt push for privatisation, says finance minister dawn.com
- Pakistan sees growth above 4%, looks to raise more than $1 billion from privatisation brecorder.com
- Pakistan sees growth above 4%, looks to raise more than $1 billion from privatisation channelnewsasia.com
