PM Shehbaz orders privatisation process to be expedited

Prime Minister Shehbaz Sharif on Thursday directed to expedite the process of privatisation, Radio Pakistan reported.

Presiding over a high-level meeting in Islamabad today to review the privatisation process, he further instructed to take urgent measures to enhance the capacity building of the institutions responsible for privatisation to revive the economy and accelerate the process of providing relief to the people.

During the meeting, a committee was also constituted to review the proposal to hand over power companies to the provinces. The committee will submit its proposals to the Prime Minister.

The Prime Minister said the people of Pakistan are compelled to bear the heavy cost of keeping the loss-making entities functional.

During the meeting, the premier stressed the need to create an environment of competitiveness in expediting business activities and providing the best services to the people.

He urged the ministries, departments, and institutions to present suggestions demonstrating professionalism and commitment as it is a matter of Pakistan's development.

The meeting took a detailed review of the progress made so far and hurdles in the privatisation of loss-making State state-owned enterprises, including Pakistan International Airlines, First Women Bank, Roosevelt Hotel, Heavy Electrical Complex, power plants, power distribution companies, and Pakistan Steel Mills Corporation.

The development comes a day after PM Sharif sought a final schedule for the implementation of the privatisation of Pakistan International Airlines (PIA).

The premier, while giving in-principle approval of the proposed roadmap of the FBR automation system, directed that now this roadmap should be implemented within a clear time frame.

He also directed that the targets should not only be realistic but their implementation should also be fastest in the region.