Pakistan pushes ahead with agri bank privatization under IMF-backed reform plan

Pakistan Prime Minister Adviser on Privatization Muhammad Ali chairs the Privatization Commission Board meeting in Islamabad on June 18, 2025. (Handout/PBC/File)
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Updated 03 July 2025
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Pakistan pushes ahead with agri bank privatization under IMF-backed reform plan

  • The Privatization Commission Board appoints financial advisers for the sale of Zarai Taraqiati Bank
  • An official statement mentions ZTBL among the priority transactions in the privatization pipeline

KARACHI: The government on Thursday appointed a consortium of financial advisers for the sale of Zarai Taraqiati Bank Limited (ZTBL), a state-owned agricultural lender, according to an official statement.

The decision, made during a meeting of the Privatization Commission (PC) Board chaired by Muhammad Ali, Adviser to the Prime Minister, signals the government’s intent to fast-track key transactions under its broader economic reform program.

The board approved the selection of a consortium led by Next Capital Limited, which ranked highest among six qualified bidders.

“ZTBL is among the priority transactions in the current privatization pipeline. The appointment of a top-tier consortium of FAs [financial advisers] reflects the government’s strong commitment to executing the process in a professional, transparent and timely manner,” the Privatization Commission said in a statement.

Pakistan’s privatization program, long encouraged by the International Monetary Fund (IMF) under various loan arrangements, is aimed at reducing fiscal losses from poorly performing state-owned enterprises (SOEs), improving governance and boosting private sector participation.

The IMF has repeatedly called for structural reforms, including divestment from commercial entities, to ease pressure on public finances and strengthen the country’s economic outlook.

Alongside the appointment, the PC Board also approved the formation of a Negotiation Committee to finalize the Financial Advisory Services Agreement (FASA) with the selected consortium.

Other shortlisted bidders included major consortiums led by Arif Habib Limited, A.F. Ferguson, AKD Securities, Bridge Factor and JS Bank.

ZTBL provides agricultural credit and rural banking services across Pakistan.

Its privatization is seen as part of a broader effort to reform the financial sector and reduce the state’s commercial footprint.


Pakistan president calls for facilitating trade, business interactions with Iraq

Updated 22 December 2025
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Pakistan president calls for facilitating trade, business interactions with Iraq

  • President Asif Ali Zardari meets Caretaker Iraqi PM Mohammed Shia Al-Sudani in Baghdad
  • Zardari calls for closer cooperation between chambers of commerce of both nations, private sector

ISLAMABAD: President Asif Ali Zardari recently called for facilitating trade and business interactions between Pakistan and Iraq to facilitate cooperation in key sectors of the economy between the two countries, Pakistani state media reported. 

Zardari arrived in Iraq on Saturday for a four-day visit to the country aimed to deepen Pakistan’s bilateral ties with Baghdad. The Pakistani president met Iraqi Caretaker Prime Minister Mohammed Shia Al-Sudani to discuss practical measures to enhance bilateral cooperation, state broadcaster Radio Pakistan reported on Sunday. 

According to the Press Information Department, Pakistan’s exports to Iraq totaled $54.29 million in 2024 while imports from Iraq, primarily petroleum products, amounted to $145.46 million the same year. Analysts have noted that these figures are modest, considering the market sizes and mutual interests of both nations.

“He [Zardari] highlighted priority sectors including information technology, agriculture and food security, construction, pharmaceuticals and medicines,” Radio Pakistan said. 

“The president also stressed the importance of direct banking channels to facilitate trade, business interaction and the movement of pilgrims.”

Every year, thousands of Pakistani pilgrims travel to Iraq to visit some of the most revered shrines in Shia Islam, including the mausoleums of Ali in Najaf and Hussain in Karbala. 

The scale of travel, often involving long stays and cross-border movements, has long posed logistical, security and migration-management challenges for Pakistani authorities and host governments alike.

The president called for improved facilitation for Pakistani pilgrims at immigration points, greater flexibility in emergency travel cases and measures to ease difficulties faced by pilgrims. 

Zardari and Al-Sudani agreed on the importance of maintaining regular high-level exchanges to carry forward bilateral engagement. The Pakistani president spoke of Islamabad’s participation in major trade and health exhibitions in Baghdad, noting these engagements as a step toward sustained business-to-business connectivity.

“He encouraged closer coordination between chambers of commerce and the private sector of both countries through regular exchanges and virtual engagement,” Radio Pakistan said. 

Zardari expressed satisfaction over the steady progress in bilateral defense ties with Iraq, including ongoing training programs and completed defense deliveries.

“He reaffirmed Pakistan’s willingness to further strengthen defense collaboration in line with Iraq’s requirements and evolving security needs,” the state media outlet reported.