Cabinet body approves privatisation of 24 govt-owned institutions

The Cabinet Committee on Privatisation, led by Deputy Prime Minister Ishaq Dar, convened to discuss the Privatisation Program for 2024-2029.

During the meeting, the Ministry of Privatisation provided a comprehensive briefing on the program. The committee approved a budget of Rs 8.16 billion for the Privatisation Commission and sanctioned the privatisation of 24 government-owned institutions.

According to the declaration, more institutions will be added to the privatization program upon completion of the review process.

The transfer of shares of the Oil and Gas Development Company Limited (OGDCL) to sovereign wealth funds has been postponed, and it has been decided that these shares will remain with the Privatisation Commission for the time being.

The committee emphasized that the privatisation of non-essential or non-strategic enterprises will be prioritised, recommending that the government’s involvement be limited to strategic and essential enterprises only.

The deputy prime minister assured that the privatisation program will be executed with utmost transparency and sincerity. He called for improved relations among all stakeholders to ensure the successful completion of the privatisation initiative.

The meeting was attended by key figures, including Minister of Investment Board, Communications and Privatisation Abdul Aleem Khan, Finance Minister Muhammad Aurangzeb, Commerce Minister, Energy Minister, Industry and Production Minister, and other relevant federal secretaries.