ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) meeting held with the Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar in the chair was presented with a phased Privatization Programme (2024-29) by the Ministry of Privatisation, based on the recommendations of PC Board, in terms of Section 5(b) of the Privatisation Commission Ordinance, 2000.
The CCoP recommended that priority shall be accorded to reducing federal footprint in commercial space and limiting it to the strategic and essential SOEs only.
The CCoP emphasised that even SOEs making profits shall also be considered for privatisation.
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After deliberating on the privatisation policy guidelines, the CCoP considered 84 SOEs reflected in the Federal Footprint State-Owned Enterprises (SOEs) Consolidated Report FY20-22 in detail in light of the SOE Act and Policy.
The CCoP, while approving 24 entities for the Privatization Programme (2024-29), decided that inclusion of other SOEs in the privatisation programme will be taken upon completion of the review by the Cabinet Committee on State-Owned Enterprises (CCoSOEs) regarding categorization of Strategic/Essential SOEs. The entities not categorised as strategic or essential will be placed before CCOP for decision regarding their inclusion in the Programme.
The CCoP also considered the proposal for transfer of shares of the OGDCL lying with the Privatization Commission to the Sovereign Wealth Fund or the Ministry of Energy (Petroleum Division). It was decided that status-quo may be maintained for the time being.
In addition, the CCoP granted approval for the budget estimates of the Commission for the fiscal year 2024-25, amounting to Rs8,169 million.
The chairman, while concluding the meeting, reaffirmed the government’s commitment to the implementation of the Privatisation Programme with transparency, efficiency, and a whole of government approach. He emphasised the importance of support and cooperation from all the stakeholders in the implementation of the programme.
Copyright Business Recorder, 2024
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