The Privatization Commission Board, chaired by Federal Minister for Board of Investment, Communications, and Privatization Abdul Aleem Khan, has approved the privatization of several state-owned enterprises.
The meeting, held on Saturday, marked a significant step towards the privatisation of electricity distribution companies (Discos) and appointment of financial advisers.
The board has sanctioned the privatization of three discos as part of the first phase of the initiative. The legal procedures for this process are expected to be completed by January 2025. Additionally, the decision was made to hire financial advisers to guide the privatization process and ensure its smooth execution.
Aleem Khan stated that the privatization of Pakistan International Airlines (PIA) would demonstrate the private sector's commitment to the privatization agenda. He stressed the need for transparency and acceleration in the privatization process to bolster the country's economic recovery and strength.
"Privatization is very important for the strengthening and recovery of the country's economy," he stressed.
Khan highlighted that privatizing these enterprises holds significant potential for turning them profitable once transferred to the private sector. He urged that all privatization targets be achieved within the stipulated timeframe, with the final approval to be granted by the Cabinet Committee on Privatization (CCOP).
The federal minister reiterated that the privatization of institutions is crucial for economic stabilization and growth, underscoring that this initiative is a strategic move towards enhancing the efficiency and profitability of state-owned enterprises.
