ISLAMABAD: The Pakistani government is intended to sell nearly two dozen state-owned enterprises (SOEs) in the coming years, Pakistani state media reported on Monday, citing Privatization Minister Aleem Khan.
The development comes amid Islamabad’s crucial talks with the International Monetary Fund (IMF) for a fresh, longer term bailout program after it completed a $3 billion short-term program in April that helped Pakistan avert a default last year.
Under the last bailout package, the lender said SOEs whose losses were burning a hole in government finances would need stronger governance, for which the country needed to implement an ambitious agenda for reforms.
Khan, while responding to a question in parliament, confirmed that the government intended to privatize around 24 state entities, including the national airlines, the state-run Radio Pakistan broadcaster reported.
“These companies include Pakistan International Airlines, Roosevelt Hotel, First Women Bank, Utility Stores Corporation and various power distribution companies,” the minister was quoted as saying.
Minister for Power Sardar Awais Leghari said the provision of uninterrupted power supply was not possible without addressing the issue of line losses and power theft.
“Pakistan cannot afford a loss of 700 billion rupees in the power sector and we have to improve the performance of power distribution companies to control losses,” the broadcaster quoted Leghari as saying in parliament.
He said the provincial governments will have to extend their cooperation in this regarding, adding, “It is responsibility of all of us, irrespective of political affiliation, to play our due role to control power theft.”
The government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program to support $350 billion economy of Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation.
Pakistan plans to sell around 24 state entities in coming years — minister
https://arab.news/6nyg5
Pakistan plans to sell around 24 state entities in coming years — minister
- The development comes as Islamabad is locked in crucial talks with the International Monetary Fund for a fresh, longer term bailout program
- Under the last bailout package, the lender said state entities burning a hole in government finances needed stronger governance and reforms
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
