Prime Minister Shehbaz Sharif on Friday said the privatisation of loss-making State-Owned Enterprises (SOEs) is part of the government’s vision of economic reforms. Presiding over the federal cabinet meeting in Islamabad, PM Shehbaz expressed satisfaction that the privatisation of 75 percent stake of Pakistan International Airlines (PIA) was completed very successfully and the bidding process remained quite transparent, the Prime Minister Office reported. “We have expressed our resolve since we assumed the power that loss-making State-Owned Enterprises would be privatised and the privatisation of the PIA is a significant milestone in this regard,” he said. READ MORE: State-Owned Enterprises: CCoSOEs concerned over staggering losses Shehbaz also welcomed the significant growth in the country’s GDP during the first quarter of the current fiscal year, saying that the government has brought the country back from the brink of default and steered it towards economic stability. Recalling his recent meetings with United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan, the prime minister termed them as extremely useful in the context of bilateral relations and mutual consultations. He said he had a pleasant telephone conversation with Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman a day ago, wherein both sides expressed satisfaction at the pace of economic and strategic relations between the two countries. The premier informed the cabinet that discussions were also held regarding further expanding the scope of these relations. Shehbaz also congratulated the members of the federal cabinet on the New Year and conveyed his best wishes. READ MORE: The challenge of loss-making SOEs The federal cabinet ratified the decisions made in the meeting of the Cabinet Committee for Legislative Cases held on December 30, 2025, including the confirmation of action regarding the Islamabad Capital Territory Local Government (Amendment) Ordinance, 2025. The cabinet also endorsed the decisions made in the meeting of the Cabinet Committee for Legislative Cases held on December 3, 2025. The cabinet gave approval to the decisions made in the meeting of the Economic Coordination Committee held on August 26, 2025, which also includes approval of the decision regarding provision of relief to the consumers of electricity distribution companies concerning the Off-Grid (Captive Power Plant) Levy and formulating a strategy in this regard.