Prime Minister Imran Khan received a briefing on privatization

November 15, 2019

Islamabad: November 15, 2019

          Prime Minister Imran Khan received a briefing on privatization, in Islamabad today. The meeting was attended by Minister for Privatization Mr. Muhammadmian Soomro, Adviser to PM on Finance Dr. Abdul Hafeez Shaikh, SAPM on Information & Broadcasting Dr. Firdous Ashiq Awan, SAPM Sayed Zulfiqar Abbas Bukhari, SAPM Mr. Nadeem Babar, and other senior officials of the Government.

The meeting was briefed on the efforts being undertaken for the privatization of various state owned enterprises. Secretary Privatization Mr. Rizwan Malik briefed the meeting that the privatization exercise is not only aimed at revitalizing the loss incurring entities but also directed at enhancing the revenue potential of other ventures. The Prime Minister was informed that the privatization process of different Public Sector enterprises worth billions of rupees, including Haveli Bahadur Shah Power Plant, Balloki Power Plant, SME Bank, Services International Hotel Lahore, Jinnah Convention Centre, is at an advanced stage. In addition to privatization of the hitherto identified Public Sector enterprises, process for the privatization of Guddu Power Plant, Nandipur Power Plant, First Women Bank, Pakistan Petroleum Ltd., State Life and other similar Public Sector entities has also been initiated, and significant progress has been made in this regard. The participants were apprised that privatization of some of the Public Sector enterprises will be completed in March 2020, and the corresponding non-tax revenue will be added by the end of the current Financial Year while the privatization of rest of the entities will be accomplished during the first quarter of the next Financial Year.

Prime Minister Imran Khan stressed on the need to raise non-tax revenue with continuous review of the timelines while removing bottlenecks in the privatization process. The Prime Minister directed the ministries and divisions involved in the privatization process to expedite the process and fastrack  efforts so as to ensure the execution of the process in an effective manner. Revival of the loss incurring Public Sector entities and unlocking the capital market potential of the other capital intensive Public Sector enterprises is the top priority of the Government as it would lead to revenue generation for investment in the social sector, the Prime Minister said. Privatization is amongst the top priority areas the present Government is focusing upon; it will be ensured to capitalize the commercial potential of the Public Sector enterprises that has remained neglected for the past several decades, the Prime Minister stated.