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ISLAMABAD, Jan 06 (APP):Prime Minister Muhammad Shehbaz Sharif on Tuesday reiterated that the privatization of loss-making state-owned enterprises (SOEs) remains one of the government’s foremost priorities, underscoring that the successful privatization of 75 percent shares of Pakistan International Airlines (PIA) marked the first drop of rain in a broader reform agenda.
Chairing a high-level meeting on the affairs of the Privatization Commission at the Prime Minister’s House, the prime minister directed that the pace of reforms within the Commission be further accelerated to ensure efficiency, transparency and credibility in the privatization process.
Prime Minister Shehbaz Sharif emphasized that the Privatization Commission must be strengthened by inducting the best available talent from the private sector and the market. He categorically instructed that all appointments be carried out in a highly transparent manner. Stressing the need for modern governance practices, he also directed the complete digitization of the Privatization Commission.
The prime minister further ordered that all privatization projects be subjected to third-party audits conducted by firms of international repute. He also called for significant improvement in the Commission’s public relations and marketing functions to ensure effective communication with stakeholders and the market.
During the meeting, participants were briefed on the ongoing reform initiatives in the Privatization Commission.
The briefing informed that advisers from the market would be hired in key areas including finance, human resources, law, information technology and media management. In addition, consultants specializing in strategy, policy, transactions and the power sector would be engaged to support the Commission’s mandate.
PM Shehbaz Sharif was apprised that the reforms are anchored in strategic discipline, strong governance, enhanced institutional capacity and transparent engagement with stakeholders.
The meeting was informed that the privatization of electricity distribution companies (DISCOs) has been planned in two initial batches. In the first batch, Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO) and Faisalabad Electric Supply Company (FESCO) will be privatized. The second batch will include Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).
The meeting was attended by Federal Minister for Defence Khawaja Muhammad Asif, Federal Minister for Power Division Sardar Awais Ahmad Khan Leghari, Adviser to the Prime Minister on Privatization and Chairman Privatization Commission Muhammad Ali, along with senior government officials.