A consortium has been appointed to expedite ZTBL’s privatization.

According to an official statement, the government on Thursday selected a group of financial advisors to sell state-owned agricultural lender Zarai Taraqiati Bank Limited (ZTBL).

The government’s intention to expedite important transactions under its larger economic reform program is indicated by the decision, which was made at a meeting of the Privatization Commission (PC) Board that was presided over by Prime Minister Adviser Muhammad Ali.

The consortium headed by Next Capital Limited, which placed first out of six eligible bidders, was chosen by the board.

One of the top-priority deals in the ongoing privatization process is ZTBL. The government’s strong commitment to carrying out the process in a timely, transparent, and professional manner is demonstrated by the appointment of a premier consortium of financial advisers, or FAs,” the Privatization Commission said in a statement.

The International Monetary Fund (IMF) has long supported Pakistan’s privatization program through a number of loan agreements. Its goals are to improve governance, increase private sector involvement, and lessen fiscal losses from underperforming state-owned enterprises (SOEs).

To relieve pressure on public finances and improve the nation’s economic outlook, the IMF has called for structural reforms on several occasions, including divesting from commercial entities.

The PC Board authorized the appointment as well as the establishment of a Negotiation Committee to complete the Financial Advisory Services Agreement (FASA) with the chosen consortium.

Major consortiums led by Arif Habib Limited, A.F. Ferguson, AKD Securities, Bridge Factor, and JS Bank were among the other bidders on the shortlist.

Throughout Pakistan, ZTBL offers rural banking services and agricultural credit.

Its privatization is viewed as a component of a larger initiative to lessen the state’s commercial presence and reform the financial industry.