The caretaker federal government will likely privatize 24 state-owned entities in the second phase of its privatization initiative.
Sources told ProPakistani that the plan targets key sectors such as electricity transmission and generation companies, manufacturing entities, financial institutions, real estate development, management companies, Sui Northern Gas Pipelines Limited, and Sui Southern Gas Company Limited.
In the power sector, Jamshoro Power Company and National Power Parks Management are slated for privatization. The privatization process will also extend to the Lakhra Power Generation Company Limited (LPGCL).
Financial institutions and real estate development and management companies have also been included in the list of entities marked for privatization. An additional 10 institutions, including Sui Gas Companies and the Zarai Taraqiati Bank Limited, are part of the plan.
Notably, the International Monetary Fund (IMF) has been consulted in the decision-making process.
Meanwhile, the government on decided to make new appointments in government institutions on a contract basis. The finance ministry published a notice titled “Ownership and Management Policy of Government Institutions 2023,” which would apply to all SOEs. A cabinet committee would be formed to implement the new policy.
The government would retain control of sensitive institutions under the new policy, while commercial firms would be privatized. Some entities will be restructured.
It has been agreed that recruitment in government-owned organizations will be made on a contract basis in the future. Strict criteria, however, will be used to choose senior management officials such as chief financial executive officers (CEOs), chief financial officers (CFOs), and secretaries.
Similarly, the decision to retain or terminate the employment of officials will be based on their performance. In the event of dismissal due to poor performance, a one-month notice would be issued to concerned individuals.
