KARACHI: The Ministry of Privatization on Friday named eight business entities that have expressed interest in acquiring stakes in the state-owned Pakistan International Airlines (PIA) that has faced significant financial difficulties and repeatedly urged the government for bailouts in recent years.

Pakistan agreed to overhaul its public sector entities under a $3 billion short-term loan package it signed with the International Monetary Fund (IMF) last year to avert a sovereign debt default.

The IMF recommended the government privatize the state-owned enterprises (SOEs) whose losses were burning a hole in the country’s finances amid its already precarious economic situation.

According to the ministry, the deadline for submitting expressions of interest to participate in PIA’s divestment process ended at 4 PM today.

“In response to the Invitation of Expression of Interest (EoI), for Divestment of Pakistan International Airlines Corporation Limited (PIACL), published advertisement in leading national and international newspapers on 2nd & 3rd April, 2024, Privatization Commission has received Statement of Qualifications from (1) Fly Jinnah, (2) Air Blue Limited, (3) Arif Habib

Corporation Limited, (4) Sardar Ashraf D. Baluch – SHANXI CIG Co. Ltd. (China), (5) Gerry’s International (Private) Limited, (6) Consortium Lead by Y.B. Holdings (Private) Limited, (7) Consortium Lead by Pak Ethanol and (8) Consortium Lead by Blue World City,” it announced.

“Privatization Commission will now carry out the pre-qualification process in line with the criteria laid down in the RSOQs [Requests for Statement of Qualification], under the PC Ordinance 2000 and rules & regulations framed thereunder,” it continued. “Accordingly, the pre-qualified parties will be invited for the next stage of bidding process.”

The privatization of SOEs is proving to be a challenging process. Prime Minister Shehbaz Sharif stated earlier this week his government would not sell public entities it deemed “strategically important.”

Prior to this, the newly appointed Deputy Prime Minister Ishaq Dar, while chairing a meeting of the Cabinet Committee on Privatization, affirmed the government would continue to retain essential or strategic SOEs.

Contrasting these views, Finance Minister Muhammad Aurangzeb, who is negotiating with the IMF for a fresh loan, declared that there was “no such thing as a strategic” public entity, indicating his intent to keep the privatization process comprehensive.

KARACHI: Pakistan State Minister for IT and Telecommunication Shaza Fatima Khawaja has announced that preparations are underway to launch 5G spectrum services to promote the digital economy in the country, state-run Radio Pakistan reported on Friday.

Last year, Pakistan’s federal cabinet greenlighted the much-anticipated auction of 5G spectrum services in the country. Pakistan last completed the auction for 3G and the more advanced 4G networks— the first of its kind in the country— in April 2014.

“The launch of 5G will facilitate the country’s youth and create enormous employment opportunities in the IT sector,” the report quoted the state minister as saying while addressing a ceremony in Islamabad in connection with the World Telecommunication and Information Society Day.

The state minister highlighted the government was liaising with optic fiber companies and working to bolster the volume of their exports, capitalizing on the country’s potential in this sector.

She said that five billion rupees had also been allocated for the skill development of youth.

Khawaja added that the incumbent coalition government was working to expand the exports of around 35 companies engaged in manufacturing mobile phones.