PM for timely completion of privatization programme

ISLAMABAD, Aug 3 (APP):  Prime Minister Muhammad Shehbaz Sharif, Monday, directed the completion of all stages of privatization initiative within the prescribed timelines, stressing close coordination among ministries and institutions to achieve the government’s targets.

Chairing a meeting to review progress on the privatization of state-owned enterprises, the prime minister said all milestones under the privatization programme must be implemented according to set schedule.

The meeting was attended by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Ministers Khawaja Muhammad Asif, Jam Kamal Khan, Ahad Khan Cheema, Sardar Awais Ahmed Khan Leghari, Minister of State Bilal Azhar Kayani, Special Assistant to PM Haroon Akhtar and other senior government officials, PM Official Media Wing said in a press release.

The prime minister directed relevant authorities to ensure the privatization of the Zarai Taraqiati Bank Limited (ZTBL) in a manner which safeguards the bank’s core mandate of supporting Pakistan’s agricultural sector.

He also emphasized that the bank should continue focusing on agricultural credit and financial services to small and medium-sized farmers after privatization, saying improved access to finance is essential for increasing farm productivity per acre.

He said agricultural development is critical to Pakistan’s economic growth and food security.

Officials of the Ministry of Privatization briefed the meeting on progress under the government’s privatization agenda, informing participants that 27 state-owned enterprises were included in the programme across three phases.

The authorities apprised the financial closing process for the privatization of Pakistan International Airlines (PIA) and the First Women Bank which had been completed.

The meeting was further told that the first financial closing of PIA’s privatization and the transfer of management control were finalized on June 29,  this year.

The prime minister was also briefed on the privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).

According to officials, expressions of interest had been invited for all three power distribution companies. The deadlines for submission of investor documents are August 7 for FESCO, Aug 21 for GEPCO and Sept 7, 2026, for IESCO.

International firms had shown interest in the transactions, while investor roadshows were being arranged, it was added.

The meeting was further informed that the transaction structure for ZTBL was being designed to preserve the bank’s main agricultural lending mandate.

The officials briefed the prime minister on the progress of the planned privatization of Islamabad International Airport, Jinnah International Airport Karachi and Allama Iqbal International Airport Lahore.

The prime minister directed authorities to closely monitor all the ongoing privatization initiatives by ensuring that implementation should be made in the stipulated period.