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ISLAMABAD, Jul 23 (APP): Prime Minister Muhammad Shahbaz Sharif on Wednesday directed the authorities to ensure that the Privatization Commission would be given full autonomy as per the law to eliminate red tape and unnecessary elements during the denationalisation process of the state-owned enterprises (SOEs).
The prime minister chaired a review meeting on progress of privatization of SOEs here at the Prime Minister’s Office, a PM Office news release said.
PM Sharif underlined that the privatization of loss-making national enterprises was essential for the improvement and development of the country’s economy, whereas it was the government’s top priority to carry out the privatization process effectively, comprehensively and efficiently.
The prime minister had directed the quarters concerned to make sure that all legal steps and transparency requirements should be fulfilled in the privatization of selected enterprises. “Illegal occupation of valuable land of national institutions is unacceptable under any circumstances. However, every possible precaution should be taken in the disposal of valuable land owned by national institutions during the privatization process,” he emphasised.
PM Shehbaz Sharif in his special directives during the meeting underlined that the phased privatization targets of the aforementioned institutions should be set according to the economic environment of the market so that the national exchequer could be protected from possible losses at all costs.
“All decisions should be implemented fully and effectively. I will regularly monitor the progress of the ongoing work in the Privatization Commission. Moreover, the consultation of professional experts and international standards should be maintained in the privatization process and restructuring of institutions,” the prime minister said.
During the meeting, the prime minister was briefed on the progress of privatization of institutions included in the privatization list in 2024. The Commission officials briefed that the phased privatization of selected institutions was designed keeping in view the legal, financial and sectoral requirements.
Moreover, phased privatization of selected institutions would be completed within the stipulated time frame as per the cabinet-approved program and the denationalisation of all institutions included in the privatization list, including PIA, power transmission companies (Discos), would be completed in accordance with the set economic, institutional and administrative targets.
Federal Ministers Sardar Owais Khan Leghari, Ahad Khan Cheema, Chairman Privatization Commission Muhammad Ali, Minister of State for Finance and Railways Bilal Azhar Kayani and other relevant government officers and senior officials attended the meeting.