The Pakistani government has assured the IMF that it will privatize Pakistan International Airlines (PIA) by July 2025. Authorities are also considering selling five to seven other state-owned enterprises, including Zarai Taraqiati Bank Limited (ZTBL) and three power distribution companies. However, the fate of the Roosevelt Hotel in New York remains uncertain, especially after the US government decided to terminate its $228 million lease one year early.
Officials told the IMF that the Roosevelt Hotel might be sold through open bidding after Saudi Arabia showed no formal interest in acquiring it. Despite hiring financial advisors, the government has yet to finalize a plan for the hotel’s future. Meanwhile, Pakistan is exploring alternative buyers for PIA after its first privatisation attempt failed due to weak scrutiny. The government is now assessing market interest before officially inviting investors.
In the power sector, the government plans to privatize three distribution companies—Faisalabad, Islamabad, and Gujranwala—by December 2025. However, it has not decided whether to sell them together or separately. There are no plans to privatize power generation companies this year. The IMF inquired about any commercial debt owed by these distribution firms before approving the plan.
Pakistan is also working on selling financial institutions. The UAE has expressed interest in acquiring First Women Bank Limited through a government-to-government deal. The government expects to finalize the sale of ZTBL by November and House Building Finance Company by next month. These privatisations are crucial as Pakistan seeks to meet IMF conditions and attract foreign investment.