Privatization commission directed to accelerate implementation process of contracts

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, Monday directed the Privatization Commission to accelerate the privatization/ management contracts of all entities and pace up their implementation.

He directed the commission to present the plan in this respect before the Cabinet Committee on Privatization (CCoP) within a week to proceed further.

Chairing the CCoP meeting, he also directed the sub-committee constituted for the National Power Parks Management Company Limited (NPPMCL) to finalize its recommendations and place before the CCoP accordingly.

Earlier, Privatization Division presented a summary regarding privatization status of NPPMCL before CCoP.

Different scenarios were presented before the CCoP for changing the capital structure i.e debt-equity ratio of NPPMCL.

On the occasion, the Finance Division tabled a summary regarding shareholding structure of Pakistan Credit Guarantee Company (PCGC).

The ECC had already endorsed the proposal dated December 24, 2020 regarding change in the shareholding structure of the PCGC.

The subject matter was placed before CCoP for further deliberation prior to ratification by the Cabinet.

After due deliberation, the Chair directed the Law Division to provide its input in consultation with Finance, Economic Affairs Division (EAD) and State Bank of Pakistan for consideration in the next meeting.

Among others the meeting was attended by Minister for Energy Omar Ayub, Advisor to Prime Minister on Institutional Reforms Dr. Ishrat Hussain, Advisor to Prime Minister on Commerce Abdul Razzaq Dawood, SAPM on Revenue Dr. Waqar Masood, Chairman Board of Investment Atif Bokhari, Governor State Bank of Pakistan Reza Baqir and other senior officials.