Wednesday, May 22, 2024

PM Shehbaz Sharif announces to privatize all state-owned enterprises excluding strategic ones

PM Shehbaz Sharif announces to privatize all state-owned enterprises excluding strategic ones
May 14, 2024 Web Desk

ISLAMABAD (APP) - Prime Minister Shehbaz Sharif on Tuesday announced that the government would privatise all state-owned enterprises (SOEs), excluding the strategic ones, regardless of their profitability or financial losses.

The prime minister, chairing a high-level meeting to review the matters related to the Ministry of Privatisation and Privatisation Commission, directed all the federal ministries to carry out the necessary procedures and extend their cooperation with the Privatisation Commission for the purpose.

In the meeting, the Privatisation Ministry and the Privatisation Commission presented a roadmap for the Privatisation Programme 2024-29.

The prime minister said the government had nothing to do with running the businesses but was mandated to facilitate the investors. He viewed that the privatisation of SOEs would save the taxpayers’ money to help the government provide quality services to the people.

Reiterating the government’s commitment to a transparent process, the prime minister directed to live telecast the bidding and other procedures of the privatisation of Pakistan International Airlines and other entities.

During the briefing on the progress in the SOEs’ privatisation, the participants were told that the pre-qualification process for PIA privatisation would be completed by the end of this month. The consultation for privatisation of Roosevelt Hotel was underway and the government-to-government transaction of the First Women Bank was in process with the United Arab Emirates.

It was told that the power distribution companies had been included in the 2024-29 Privatisation Program and the privatisation of loss-making SOEs would be prioritised. The participants were told that a pre-qualified panel of experts would be appointed at the Planning Commission for a swift and transparent privatisation process.

Federal ministers Khawaja Asif, Muhammad Aurangzeb, Jam Kamal Khan, Awais Ahmed Leghari, Abdul Aleem Khan, Dr Musaddik Malik and Ahad Khan Cheema, PM’s Coordinator Rana Ehsan Afzal, and relevant senior officers attended the meeting.