New York-based Alvarez & Marsal plans to open office in Pakistan

A global professional services firm from New York is considering opening an office in Pakistan to assist the government with privatizing state-owned enterprises (SOEs) before 2030, as part of efforts to overhaul public entities and improve their performance, the finance ministry said on Wednesday.

Alvarez & Marsal (A&M), founded in 1983 and operating in over 30 countries, is renowned for its expertise in corporate restructuring and turnaround management. It is offering its services to the government as Pakistan plans to privatize over 50 SOEs within the next four years due to their significant impact on the national exchequer.

The A&M delegation, led by Division Executive Peter Briggs, Managing Director Abdalla ElEbiary and Global Head of Sovereign Advisory Reza Baqir — the former governor of Pakistan’s central bank — met with Finance Minister Muhammad Aurangzeb in Islamabad to discuss the firm’s role in Pakistan’s privatization process and the establishment of a sovereign wealth fund.

“During the meeting, Briggs emphasized A&M’s strong commitment to investing in Pakistan,” the finance ministry said in a statement.

“He mentioned that the firm is considering opening an office in Pakistan as part of its broader commitment to assist the government in its privatization efforts and to attract potential global investors to the country,” it added.

So far, the company has not issued a statement on the meeting. However, the ministry said Briggs highlighted the firm’s long-term strategy to expand in the region, noting that Pakistan’s growing market presents investment and growth opportunities.

Aurangzeb thanked the delegation for their company’s contribution to the privatization of power distribution companies and highlighted the government’s commitment to the process, with 24 SOEs already in the privatization pipeline.

In February, Pakistan signed a financial advisory agreement with A&M to privatize three major power distribution companies. This agreement was part of the government’s broader effort to reform the power sector, which has long faced issues like circular debt, operational inefficiencies and power theft.

The divestment of state-run power companies is a key component of Pakistan’s economic reform agenda, as outlined in the IMF’s current $7 billion loan program.

Last year, a Pakistan cabinet committee responsible for the Privatization Program 2024–29 approved the privatization of 24 entities. However, it decided that the inclusion of other state entities would be determined after a review to assess their categorization as strategic or essential enterprises.