PM for expediting privatisation process

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday stressed the need to expedite the privatisation process of the state owned enterprises (SOEs) that are causing constant dent to the national exchequer to stabilise the national economy and provide maximum relief to the common man.

“Obstacles in the process of privatisation be removed at earliest so that the country and the nation can get rid of billions of rupees’ losses and improve the economic condition,” he said while chairing a high level meeting on privatisation.

The prime minister also directed to take immediate steps to enhance the required capacity of the departments linked with the privatisation process, the official news agency reported.

Reviewing the complete list and progress report of all the institutions involved in the privatisation process, the prime minister directed to submit the detail of actions and goals with a clear determination of time frame.

He also directed the Privatisation Commission and the ministry to present pending issues related to privatisation soon after the formation of the cabinet so that the cabinet could timely decide and solve the matter. He said there was no room for further delay in the process.

PM Shehbaz, on the proposal of handing over the power distribution companies to the provinces, directed to constitute a review committee, which would submit its recommendations to the prime minister.

He made it clear that the responsibility of the privatisation process lied totally upon the Privatisation Commission and the ministry. He also directed to remove all the bottlenecks in the process.

The prime minister also stressed to ensure transparency of the privatisation process at the institutional level and to adopt the effective international standards of monitoring of the process.

Addressing the meeting, the prime minister said that the country and its people were compelled to pay the heavy price of loss-making institutions, urging the quarters concerned to play their sincere role in getting rid of such departments.

He made it clear that quality, transparency and national interest would be kept supreme, stressing the need for creating an environment of business competition and serving the public, terming them essential for improvement. “Ministries and institutions should suggest solutions exhibiting professionalism and passion as it is a matter of Pakistan’s betterment.”

The meeting took an overview of the latest situation on the process of privatisation of Pakistan International Airlines (PIA), House Building Finance Corporation, First Women Bank Ltd, Roosevelt Hotel, Heavy Electrical Complex, power plants and distribution companies, Pakistan Steel Mills Corporation and other loss-making institutions.

Besides, it discussed in detail the progress made so far and the confronted obstacles in this regard.

The secretary of the Ministry of Privatisation and other relevant officials gave a briefing. The meeting was informed that one of the main reasons for the delay in the process of privatisation was the stay order issued by the courts. The prime minister directed to make the legal team effective and asked the Ministry of Law to suggest appropriate measures accordingly.

The meeting was told that March 5 was the last date for receiving bids for outsourcing the airport.

The meeting was attended by Senator Ishaq Dar, Senator Musadik Malik, Shaza Fatima Khawaja, Rumina Khursheed Alam, Ahad Cheema, Ali Pervaiz Malik, Rana Ehsan Afzal, deputy chairman Planning Commission, chairman FBR, secretary Privatisation Commission, secretary Ministry of Law and other high officials. Renowned banker Muhammad Aurangzeb attended the meeting through video link.