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Govt Plans to Privatize 9 State-Owned Entities in Current Financial Year

The government of Pakistan has drawn up a new privatization plan and, among other state entities, two power plants including 1223 MW Balloki and 1230 MW Haveli Bahadur plants are on the top of the privatization list, learned ProPakistani from an official document.

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According to sources, the Ministry of Privatization and Industries has already taken approval of the plan from Prime Minister Imran Khan. The Prime Minister also directed, under the new privatization policy, a target of privatizing nine institutions for the current financial year.

Privatizing Pakistan Steel Mills, Jinnah Convention Center, Servicers International Hotel Lahore, SME Bank, Sindh Engineering, and Heavy Electrical Complex are also on the card.

The divestment of up to 20% shares of Pakistan Reinsurance.co would be also made. Earlier, the federal government had planned to sell 17 properties in the current financial year and they failed to privatize any institution.

Meanwhile, the International Monetary Fund (IMF) is also not satisfied with the progress of the privatization program of the government so far. The IMF has asked Pakistan to speed up the implementation of the privatization program.

It is pertinent to mention that a meeting of Pakistan and IMF is scheduled for the next week in Washington, wherein matters pertaining to taxes, revenue, electricity, inflation and privatization will be discussed in detail.

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