ISLAMABAD: Minister for Finance, Miftah Ismail, has directed that development partners be approached for funding possibilities for procurement of Financial Advisory Services in consultation with Privatization Commission, official sources told Business Recorder.

The Privatization Commission is preparing different public sector entities including RLNG-fired power plants and power sector Distribution Companies (Discos) for sale but are facing financial issues in hiring services of financial advisors.

According to Ministry Economic Affairs, in this regard a high-level meeting was held recently under the chairmanship of Minister for Finance and Revenue to discuss and facilitate “fast track procurement of Financial Advisory Services” for Privatization Commission.

During the meeting, Minister for Finance had directed EAD to explore funding possibilities from development partners for the procurement of Financial Advisory Services in consultation with Privatization Commission.

The sources maintained that in view of foregoing, the Privatization Commission should formally convey its requirements for financial assistance and technical support from development partners for procurement of Financial Advisory Services.

The Privatization Commission has been further asked to share/update progress on the already committed USAID grant being finalized by the PC in consultation and support of the World Bank.

Copyright Business Recorder, 2022