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KARACHI: Pakistan’s Privatization Commission has cleared a key procedural step in the sale of its majority stake in the First Women Bank Limited (FWBL) to a United Arab Emirates (UAE) entity, recommending a reference price to the federal cabinet for approval, the finance ministry said on Friday.

The move comes as Islamabad pushes ahead with long-delayed asset sales under its broader economic reform and fiscal stabilization agenda.

Established in 1989, the FWBL was conceived as a development-oriented financial institution to promote women’s economic participation and financial inclusion.

It was set up to address the limited access women had to formal banking channels and to provide them with tailored credit, savings and entrepreneurship services.

“The Privatization Commission (PC) Board, in its 240th meeting held under the chairmanship of Mr. Muhammad Ali, Chairman, Privatization Commission, has recommended a Reference Price for the privatization of First Women Bank Limited (FWBL) to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT),” the statement said.

“This decision marks an important step toward finalization of the Government-to-Government (G2G) process,” it added.

“FWBL, incorporated in 1989, is 82.64 percent owned by the Government of Pakistan and is currently being negotiated with the nominated entity of the Government of the United Arab Emirates (UAE) under the Inter-Governmental Commercial Transactions Act, 2022.”

The bank, whose mandate centered on empowering women through access to credit, savings and entrepreneurship opportunities, has seen its profitability decline in recent years, with its growth trajectory under strain.

The government moved to divest its stake in the institution earlier this year amid consistent pressure from the International Monetary Fund (IMF) under a $7 billion loan program to reduce the state’s footprint in the economy.

“Successful completion of the process would not only attract fresh foreign direct investment into the country but also enhance investor confidence in Pakistan’s broader privatization program,” the statement said.

ISLAMABAD: Pakistan plans to add three new oil tankers to its national shipping fleet by the end of this year, the maritime affairs minister said on Friday, as the government seeks to expand the Pakistan National Shipping Corporation’s (PNSC) capacity and reduce reliance on foreign carriers.

Prime Minister Shehbaz Sharif directed authorities earlier this year to lease new ships to expand the PNSC fleet, aiming to reduce the roughly $4 billion annual foreign exchange burden on sea-based trade. Pakistan’s maritime sector plays a vital role in the economy, with more than 90 percent of the country’s imports and exports transported by sea.

“The PNSC has decided to expand its fleet to 15 vessels, with three oil tankers to be added by December this year,” Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said in a statement. “Our target is to operate a 30-vessel fleet by 2026.”

Chaudhry said the new ships would be named MT Karachi, MT Lahore, and MT Quetta, adding that approval had been granted for their purchase and fresh tenders issued for 12 more vessels.

The expansion is part of a broader effort to strengthen Pakistan’s maritime logistics and enhance trade links with other countries, including members of the East African Community. In February, Pakistan and Bangladesh also decided to begin passenger and cargo shipping services between the two countries.