KARACHI: A global professional services firm from New York is considering opening an office in Pakistan to assist the government with privatizing state-owned enterprises (SOEs) before 2030, as part of efforts to overhaul public entities and improve their performance, the finance ministry said on Wednesday.
Alvarez & Marsal (A&M), founded in 1983 and operating in over 30 countries, is renowned for its expertise in corporate restructuring and turnaround management. It is offering its services to the government as Pakistan plans to privatize over 50 SOEs within the next four years due to their significant impact on the national exchequer.
The A&M delegation, led by Division Executive Peter Briggs, Managing Director Abdalla ElEbiary and Global Head of Sovereign Advisory Reza Baqir — the former governor of Pakistan’s central bank — met with Finance Minister Muhammad Aurangzeb in Islamabad to discuss the firm’s role in Pakistan’s privatization process and the establishment of a sovereign wealth fund.
“During the meeting, Briggs emphasized A&M’s strong commitment to investing in Pakistan,” the finance ministry said in a statement.
“He mentioned that the firm is considering opening an office in Pakistan as part of its broader commitment to assist the government in its privatization efforts and to attract potential global investors to the country.”
So far, the company has not issued a statement on the meeting. However, the ministry said Briggs highlighted the firm’s long-term strategy to expand in the region, noting that Pakistan’s growing market presents investment and growth opportunities.
Aurangzeb thanked the delegation for their company’s contribution to the privatization of power distribution companies and highlighted the government’s commitment to the process, with 24 SOEs already in the privatization pipeline.
In February, Pakistan signed a financial advisory agreement with A&M to privatize three major power distribution companies. This agreement was part of the government’s broader effort to reform the power sector, which has long faced issues like circular debt, operational inefficiencies and power theft.
The divestment of state-run power companies is a key component of Pakistan’s economic reform agenda, as outlined in the IMF’s current $7 billion loan program.
Last year, a Pakistan cabinet committee responsible for the Privatization Program 2024–29 approved the privatization of 24 entities. However, it decided that the inclusion of other state entities would be determined after a review to assess their categorization as strategic or essential enterprises.
Top New York firm plans to open local office amid Pakistan’s privatization drive – finance ministry
https://arab.news/bygkm
Top New York firm plans to open local office amid Pakistan’s privatization drive – finance ministry
- Alvarez & Marsal delegation meets finance minister to discuss privatization, establishment of a sovereign wealth fund
- Pakistan aims to privatize over 50 state-owned companies within the next four years to reduce its financial burden
Imran Khan’s party seeks ‘confidence-building measures’ after government’s talks offer
- PTI says access to jailed founding leader essential for talks to be considered credible
- Government says it’s ready for dialogue but nothing will happen until Khan favors the idea
ISLAMABAD: Pakistan’s jailed former prime minister Imran Khan’s party said on Saturday it would only consider the government’s offer for talks credible if it is accompanied by “concrete confidence-building measures,” such as unhindered access to its founding leader in a high-security prison in Rawalpindi.
Last month, Prime Minister Shehbaz Sharif said the government was fully prepared to hold a dialogue with Khan’s Pakistan Tehreek-e-Insaf (PTI) party to address political polarization that has deepened since the downfall of the PTI administration in a parliamentary no-confidence vote in 2022.
PTI has frequently complained about a state crackdown against its top leadership, including Khan and his wife, who are serving prison sentences in multiple cases ranging from corruption charges to inciting violence against state institutions and attacks on government properties.
Sharif’s offer for talks came amid media reports that PTI wanted a dialogue with the government, though he noted that negotiations would not be allowed to proceed on the basis of “blackmailing” or unlawful demands and would only cater to legitimate issues.
“Announcements of talks, without concrete confidence-building measures, cannot be treated as credible progress,” Azhar Leghari, PTI’s central deputy information secretary, told Arab News.
He recalled that Khan had authorized Mahmood Khan Achakzai and Allama Raja Nasir Abbas to carry forward with the dialogue process, adding that talks “require trust, and trust cannot be built at the cost of constitutional rights or democratic legitimacy.”
“For dialogue to be meaningful, it is essential that these authorized representatives are allowed regular and unhindered access to Imran Khan so that any engagement accurately reflects his views and PTI’s collective position,” he added.
Khan’s family, party and legal team have complained in the past they are stopped by the authorities from meeting the ex-PM in prison. Last month, they also raised concerns about his health, prompting the officials to allow one of his sisters to meet him, who said he was fine.
Shortly thereafter, a scathing message was posted on his social media account, criticizing the army chief. Khan’s post elicited a bitter response from the government and the military amid accusations of inciting people against state institutions.
Leghari’s comments came only a day after Rana Sanaullah, adviser to Prime Minister Sharif on political affairs, said PTI’s “second- or third-tier leadership” wanted dialogue, but nothing was going to happen until Khan favored these negotiations.
He also maintained that while the government was ready for talks, “uncertainty and delays from PTI are preventing progress.”
Meanwhile, a newly formed National Dialogue Committee of former PTI leaders told Arab News it had organized a session on Wednesday, January 7, in the federal capital that will bring together all major political parties, journalists, lawyers and representatives of civil society.
“Our goal is to bring political leaders together so that, while discussing their own issues, they can collectively seek solutions to the nation’s challenges,” Mahmood Baqi Moulvi, a Pakistani politician and member of the committee, said.
“The initiative also builds on previous efforts, including a letter to the prime minister requesting confidence-building measures to enable talks with PTI,” he added.
The National Dialogue Committee had urged the government in the letter to grant parole to jailed party figures in Lahore, including former foreign minister Shah Mahmood Qureshi and Dr. Yasmin Rashid, describing the move as vital for building trust ahead of negotiations.
It had also maintained such a step “would not only create an extremely positive, conducive, and trust-filled environment for the negotiations but would also lay a strong foundation for restoring mutual confidence among all stakeholders.”
While the government has also offered dialogue in the past, PTI leaders have conditioned participation on substantive measures, including what they describe as an end to politically motivated prosecutions and arrests, restoration of fundamental rights, respect for judicial independence and a credible roadmap toward free and fair elections.
“Reconciliation is possible, but it must be based on correcting injustices rather than managing optics,” Leghari said. “A genuine reset requires restoring respect for the Constitution, ending political victimization and allowing democratic processes to function without interference.”
Rana Sanaullah and Deputy Law Minister Barrister Aqeel Malik did not respond to requests for comment.
