Pakistan required to keep public entities under finance ministry oversight — IMF

vhe seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. (AFP/File)
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Updated 24 August 2023
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Pakistan required to keep public entities under finance ministry oversight — IMF

  • Pakistan has been discussing outsourcing operations of several of its state-owned assets to outside companies
  • In March, it kicked off outsourcing of operations and land assets at three airports to be run under a public private partnership

KARACHI: The International Monetary Fund’s (IMF) representative in Pakistan on Wednesday said that the reform process to which the government had agreed required the country to keep all state-owned enterprises (SOEs) under finance ministry oversight.

“Following through on the previously agreed 2021 triage reform process, and other governance and private sector reforms, is important to durably attract foreign investment,” the IMF’s Esther Perez Ruiz said in a statement to Reuters.

Pakistan has been discussing outsourcing operations of several of its state owned assets to outside companies. In March, it kicked off outsourcing of operations and land assets at three major airports to be run under a public private partnership, a move to generate foreign exchange reserves for its ailing economy.

The IMF reached a staff-level pact with Pakistan in June on a $3 billion stand-by arrangement (SBA), a decision long awaited by the South Asian nation which had been teetering on the brink of default.

Perez Ruiz said in the statement that it was “premature to consider what will follow the current SBA, which runs through early 2024.”


Pakistan expresses condolences as Bangladesh’s first female PM passes away

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Pakistan expresses condolences as Bangladesh’s first female PM passes away

  • Khaleda Zia passed away in Dhaka after prolonged illness at the age of 80, says her party
  • PM Shehbaz Sharif describes Zia as a “committed friend of Pakistan” in condolence message

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday expressed condolences over the passing of Bangladesh’s first female prime minister, Khaleda Zia, describing her as a committed friend of Islamabad. 

In a statement on Tuesday, the Bangladesh Nationalist Party (BNP) announced its leader Zia had passed away at the age of 80 after prolonged illness. She died at the Evercare Hospital in Dhaka, where the former prime minister was admitted on Nov. 23 with symptoms of a lung infection, according to The Daily Star, a Bangladesh news website.

“Deeply saddened by the passing of Begum Khaleda Zia, Chairperson of the BNP and former Prime Minister of Bangladesh,” Sharif wrote on social media platform X. 

“Her lifelong service to Bangladesh and its growth and development leaves a lasting legacy.”

Sharif said his government and people stand with the people of Bangladesh during this difficult time. 

“Begum Zia was a committed friend of Pakistan,” he added. 

Pakistan and Bangladesh used to be part of the same country before the latter seceded into the separate nation of Bangladesh after a bloody civil war in 1971. 

Ties between the two countries have remained mostly strained since then. However, Islamabad enjoyed better relations with Dhaka under Zia’s government compared to when Bangladesh was led by her arch-rival, Sheikh Hasina. 

Hasina was ousted after a violent uprising last year, leading to improved relations between Islamabad and Dhaka. 

Despite years of ill health and imprisonment, Zia vowed in November to campaign in elections set for February 2026.

The BNP is widely seen as a frontrunner, and Zia’s son Tarique Rahman, who returned only on Thursday after 17 years in exile, is seen as a potential prime minister if they win a majority.

-With additional input from AFP