Privatisation must move fast and stay transparent

August 4, 2026

Prime Minister Shehbaz Sharif has told all ministries to meet their deadlines under the privatisation programme. This push for speed and coordination is the right instinct. Pakistan cannot afford more delays in selling off loss making state enterprises.

The government has listed 27 public sector organisations for privatisation in three phases. Officials briefed the prime minister on progress at Islamabad, Lahore and Karachi airports. They also updated him on the sale of IESCO, FESCO and GEPCO. Expressions of Interest have already been invited for all three power companies. FESCO submissions close on August 7. GEPCO closes on August 21. IESCO closes on September 7, 2026. International investors are showing interest and roadshows are continuing.

This pace is encouraging but Pakistan has been here before. The privatisation of Pakistan International Airlines dragged on for years through failed bids, legal challenges and political hesitation. That delay cost the national exchequer billions in continued losses. It also damaged investor confidence in Pakistan’s ability to complete a sale once it starts one. The government must not let IESCO, FESCO and GEPCO suffer the same fate.

Speed alone is not enough. Every step of this process must remain transparent. Bidding criteria, investor qualifications and final sale terms should be made public and open to scrutiny. Citizens deserve to know that state assets are being sold at fair value, not handed over through backroom deals.

The prime minister was right to direct that ZTBL continue serving farmers after privatisation. Agriculture remains central to Pakistan’s economy and food security. Any new owner must be bound by clear conditions to protect farmer access to credit.

The economy needs the discipline that privatisation brings. But the PIA experience proves that half measures and delays only deepen losses. The government must finish what it starts, openly and on schedule.