Govt Forms Committees to Oversee Privatization of PIA, DISCOs

Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatization Dr. Shamshad Akhtar chaired the inaugural meeting of the Cabinet Committee on Privatization (CCoP) today, where members decided to form committees to fast-track privatization of Pakistan International Airlines (PIA) and Distribution companies (DISCOs)

Secretary Privatization Commission (PC) presented a detailed briefing on the status of the active privatization program for the reaffirmation by the newly constituted CCoP. The secretary updated the meeting on the issues related to the privatization of loss-making SOEs including Heavy Electrical Complex, Services International Hotel, Pakistan Steel Mills, HBFCL, Roosevelt Hotel, NY, PIA, RLNG Power Plants, 10 Discos, etc.

The Chair underscored the need to accelerate the process of privatization of loss-making SOEs to foster great efficiency, and productivity and enhance the overall revenue of the country. Regarding the privatization and restructuring of PIA, the CCoP decided to form a technical committee for resolutions of bottlenecks and directed the Aviation Ministry to work with the Privatization Commission to present a detailed action plan with a clear time framework in a sequence.

Similarly, the CCoP constituted a committee led by the caretaker Minister for Energy to present a viable plan with a timeline regarding private sector participation in the management of DISCOs. The Committee comprised the Secretary Privatization Commission, the Special Secretary of Finance, and members from NEPRA. The Committee shall submit its recommendations within the shortest possible time.

The meeting was attended by Sami Saeed, Minister for Planning, Development, and Special Initiatives, Shahid Ashraf Tarar, Minister for Communication, Maritime, and railways, Muhammad Ali, Minister for Power and petroleum, Dr. Waqar Masood, Advisor to the PM on Finance, Air Marshal (Rtd) Farhat Hussain Khan, Advisor to PM on Aviation, Governor SBP, Chairman SECP, Federal Secretaries and other senior officers of the relevant ministries.