Islamabad: Prime Minister Muhammad Shehbaz Sharif has emphasized the urgent need to accelerate the privatisation process of State-Owned Enterprises (SOEs) that are consistently draining the national exchequer, in a bid to stabilize the economy and alleviate burdens on the common citizen.
Chairing a high-level meeting on privatisation, Prime Minister Sharif called for the removal of obstacles hindering the privatisation process, ensuring the country rids itself of billions of rupees in losses and enhances its economic prospects.
The Prime Minister directed immediate steps to bolster the capacity of departments involved in the privatisation process and urged for a detailed submission of actions and goals with clear timelines. Stressing the importance of timely decision-making, he instructed the Privatisation Commission and the Ministry to present pending issues to the cabinet promptly after its formation.
Addressing the proposal of transferring power distribution companies to the provinces, Sharif mandated the formation of a review committee to provide recommendations. He emphasized that the responsibility for the privatisation process rested solely with the Privatisation Commission and the Ministry, urging the removal of all bottlenecks.
Transparency in the privatisation process, according to Prime Minister Sharif, must adhere to international standards. He highlighted the heavy toll that loss-making institutions impose on the nation, urging stakeholders to play a sincere role in their elimination.
During the meeting, the latest developments in the privatisation of various institutions including Pakistan International Airlines (PIA), House Building Finance Corporation, and Pakistan Steel Mills Corporation were reviewed. Discussions also focused on progress and hurdles encountered, with attention drawn to legal challenges causing delays.
Prime Minister Sharif instructed for an effective legal strategy to address court stay orders hindering the privatisation process, while also emphasizing the March 5 deadline for airport outsourcing bids.
The meeting, attended by prominent figures including Senators Ishaq Dar and Musadik Malik, and high-ranking officials, stressed the imperative of professionalism and dedication in advancing Pakistan’s economic interests.
Renowned banker Muhammad Aurangzeb contributed to the discussions via video link, adding valuable insights to the deliberations.
The Prime Minister’s directives underscore the government’s commitment to revitalize the economy through proactive privatisation measures, ensuring transparency and accountability in the process.