All the plans and promises in the world will mean little if the government once again fails to follow through. The newly announced five-year privatisation roadmap envisages the sale of 24 state-owned enterprises in three phases. Ten, including PIA and the Roosevelt Hotel, are to be put up first, followed by 13 major energy and insurance entities, with the Postal Life Insurance Company reserved for the final phase.
On paper, the plan makes sense. SOEs have for decades drained the public purse while delivering little of value. A phased approach could allow the state to prepare assets for sale and line up investors to avoid the administrative chaos that has plagued past efforts. Yet, history cautions against optimism. Similar exercises have been launched before, complete with targets and timelines, only to be derailed by political expediency and bureaucratic inertia.
Not a single major entity has been successfully and transparently privatised in recent years. Each delay has deepened investor scepticism and prolonged the fiscal bleeding. If the government is serious this time, it must ensure the process is insulated from interference, regulatory frameworks are ready and deadlines are met. Transparency is essential, both to attract credible bids and to reassure the public that national assets are being sold in the country’s interest.
This time, the government must resist the temptation to treat the roadmap as an end in itself. The focus must be on execution. The first completed transaction under this plan will be the real test of intent. Until then, scepticism is warranted. This is an opportunity to prove that the state can match words with deeds. It will be a tough ask, but the government must pull through. The stakes are too high, and the burden on the exchequer too heavy, for yet another exercise in rhetoric.
