Hafeez stresses for speedy privatization process

ISLAMABAD: The Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday stressed the need for carrying forward the process of privatization at fast track.

Chairing the meeting of Cabinet Committee on Privatization (CCOP), the minister said that the time was of essence in undertaking a well-structured privatization activity to bring in competitive efficiency, improve service delivery and enhance customer satisfaction.

According to press statement issued by the Finance Ministry, the meeting was attended by Federal Minister for Privatization, Muhammad Mian Soomro, Federal Minister for Planning and Development, Asad Umar, Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity, Dr. Ishrat Hussain SAPM on Revenue, Dr. Waqar Masood and SAPM on Power Tabish Gauhar.

Hafeez Shaikh said that the privatization would diversify sources of income for the government, generate employment opportunities and contribute towards overall economic growth and development.

He also urged to observe the time lines and carry forward the whole process expeditiously.

On the occasion, the committee approved Privatization Division’s summary regarding approval of a reserve price for the privatization of the Services International Hotel, Lahore.

The additional secretary informed that the Committee that all codal formalities were met during the valuation process.

The Privatization Division also presented various proposals regarding Award of Management Contracts for smooth running of DISCOs in compliance with the earlier directive of the CCOP meeting held on January 04, 2021.

The Management Contracts would improve the service delivery and thus, serve the larger interest of electricity consumers in Pakistan, the statement said adding the Privatization Division also requested for a permission to hire a Transaction Adviser for completing the aforesaid tasks.

After detailed discussion, the Committee directed to speed up the process of completion of prior actions pertaining to award of Management Contracts for DISCOs and present a road map with firmed-up proposals within a week, after seeking requisite approval from the Privatization Commission Board.

The committee also allowed hiring of a Transaction Adviser as permissible under the rules, the statement said.

The Privatization Division also submitted a compliance report on the implementation status of Public Sector Enterprises (PSE) in Real Estate, Industries, Banking and Finance, Energy and other sectors which were on active Privatization List.

The Committee reiterated the firm commitment of the government in spearheading the privatization process with transparency and fairness in consultation with stakeholders.