Pakistan Sovereign Wealth Fund

At a glance. Pakistan's Sovereign Wealth Fund was created by the Pakistan Sovereign Wealth Fund Act 2023 to hold stakes in major state companies such as OGDC, PPL and National Bank of Pakistan. It is not yet operating. In May 2026 the government told the IMF it would amend the Act first, narrowing the fund to a holding company role. S1 S3

Key points

• Established by the Pakistan Sovereign Wealth Fund Act 2023, assented on 5 August 2023. S1
• Seven entities were to move in first, including OGDC, PPL, Mari Petroleum and National Bank of Pakistan. S3
• The fund stays inactive until Parliament passes amendments agreed with the IMF. S3
• Under the revised framework it would hold and manage state companies and mobilise co-investment. S3
• All fund revenues would go straight to the government, and borrowing would be barred. S3
• Any sale of fund assets would follow open, competitive procedures. S3

Interesting facts

• The Ministry of Finance sought consultants to set up the fund in August 2024. S4
• Board and advisory appointments are to be merit-based, with cooling-off periods. S3
• The Act gives the fund its own legal personality and an Islamabad head office. S1

Mandate and goals

The Act tasks the fund with supporting sustainable economic development by managing its assets to high international standards and building value for future generations. S1

• Hold and improve state-owned enterprises on behalf of the state. S3
• Attract foreign direct investment through co-investment in commercial ventures. S3

How it invests

Past investments

The fund has not published a list of investments.

Investment process

Under the Act a Board manages the fund and reports annually to a Supervisory Council; the amended framework adds merit-based appointments and state company accountability rules. S1 S3

1. Parliament passed the Act in 2023. S1
2. Amendments to go before Parliament. S3
3. Fund activated once amendments pass. S3

How to approach: No approach route while the fund is not operating. S5

Size and returns

• Headline size: Not operating (Announced target, not current assets, as of 2026-05-05) S3
• Returns: the fund does not publish a return figure.

Leadership

Governance and transparency

• Legal basis: Pakistan Sovereign Wealth Fund Act 2023 (Act No. XLVIII of 2023) S1
• Oversight: Supervisory Council; the state company accountability mechanism is to apply S1 S3
• Auditor: Audited accounts required by the Act; none published yet S1
• Section 50 exemptions to be withdrawn under the agreed changes. S3
• Not an IFSWF member. S2

Transparency score: 2.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

• Published: governance and mandate documents. S1
• Partly published: holdings or deal list, regular reporting schedule. S1 S3
• Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, audited financial statements, named leadership. S1 S3

History

Reports

• Pakistan Sovereign Wealth Fund Act 2023: https://na.gov.pk/uploads/documents/64dcaef03816d_401.pdf S1

Common questions

Is the fund operating?

No. It will not be activated until amendments to the 2023 Act pass Parliament. S3

What would it hold?

Stakes in seven state entities, including OGDC, PPL, Mari Petroleum and National Bank of Pakistan. S3

Can it borrow?

Not under the revised framework agreed in 2026. S3

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All sovereign wealth funds in Asia · All state holding companys · All funds in Pakistan

Sources

1. S1National Assembly of Pakistan, Pakistan Sovereign Wealth Fund Act 2023
2. S2IFSWF, members list
3. S3Pakistan Today, Pakistan commits to revising Sovereign Wealth Fund law under IMF review
4. S4Ministry of Finance, request for proposals on fund operationalisation
5. S5Ministry of Finance, Pakistan