Federal Minister for Finance and Revenue Mohammad Aurangzeb briefed his Saudi counterpart on Pakistan’s ongoing privatization program, which includes the privatization of Pakistan International Airlines (PIA) and major airports. He emphasized the government’s commitment to promoting strategic investment through transparency.
The meeting took place on the sidelines of the IMF–World Bank Annual Meetings in Washington, D.C., with Saudi Finance Minister Mohammed Al-Jadaan. Details were shared in a statement released by Pakistan’s Ministry of Finance on Thursday.
The privatization process of PIA has entered its final phase, with the government aiming to complete the sale by the end of 2025 as part of a broader restructuring plan for the national carrier. The planned sale under the PIA Holding Company will mark the first major privatization in Pakistan in nearly two decades. The privatization of loss-making state-owned enterprises has been a key component of Pakistan’s IMF bailout program agreed upon last year.
During the meeting, both sides reviewed the growing trade and investment ties between Pakistan and Saudi Arabia. Minister Aurangzeb reaffirmed Pakistan’s commitment to consistently implementing economic reforms under the IMF program to achieve long-term stability.
The two ministers agreed that institutions such as the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) can play a pivotal role in mobilizing and safeguarding private sector investments in Pakistan.
Aurangzeb also invited Saudi Arabia to collaborate on infrastructure development projects, reaffirming Pakistan’s commitment to deepening its economic partnership with the Kingdom.
