Prime Minister Shehbaz Sharif said yesterday that the privatization of loss making state owned enterprises is one of the government’s top priorities, and the sale of 75 percent shares of Pakistan International Airlines is the first drop of rain toward wide ranging reforms.
According to sources, while chairing a meeting at the Prime Minister’s House on matters related to the Privatization Commission, he directed that the ongoing reform process in the commission be sped up and its capacity strengthened through market based expertise.
The Prime Minister instructed the relevant authorities to transparently appoint experienced private sector professionals in key areas including finance, human resources, law, IT, and media management. He also ordered full digitization of the Privatization Commission and third party audits of privatization plans through internationally reputed firms.
Meeting participants were informed that the main pillars of the current reform package are improved governance, stronger institutional capacity, a clear strategy, and transparent communication with stakeholders. The briefing said that market based advisors will be hired for different sectors, along with consultants for policy, transactions, and power sector matters.
The meeting also discussed the plan to privatize electricity distribution companies. It was stated that privatization will take place in two phases. In the first phase, IESCO, GEPCO, and FESCO will be handed over to the private sector, while in the second phase HESCO and SEPCO will be included.
The meeting was attended by Defence Minister Khawaja Asif, Energy Minister Awais Leghari, Prime Minister’s Adviser Muhammad Ali, and other senior officials.
