The Privatization Commission Board, a panel of experts in privatization led by the Federal Minister for Privatisation, Board of Investment and Communications Abdul Aleem Khan, undertook crucial discussions and made important decisions. The meeting revolved around the privatization of Discos and various other institutions, including PIA.
During the meeting, the Privatization Commission Board unanimously decided that three power generation companies (DISCOs) would be privatized in the initial phase. Practical work on this initiative has already commenced, and all legal formalities are expected to be completed by January 2025.
The World Bank has agreed to extend financial support under NLTA for the private sector’s participation in the privatization of Discos. Additionally, the PCB approved hiring financial advisors for these Discos and emphasized moving forward expeditiously. Aleem Khan urged the Privatization Commission Board to ensure the timely completion of the designated institutions’ privatization process and maintain transparency throughout.
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According to Aleem Khan, the country’s economy’s revival and strengthening hinge on privatizing deficit-running institutions. He asserted that the privatization process will noticeably alleviate the burden on the national exchequer and enhance profitability for enterprises transferred to the private sector, paving the way for a more robust economy. Aleem Khan stressed the importance of privatizing PIA to showcase the private sector’s commitment to the privatization agenda, making it easier for other institutions to follow suit.
The meeting was attended by the Federal Secretary for Privatization, PCB members, and senior officers, who collectively approved pivotal decisions related to privatization. Federal Minister Abdul Aleem Khan commended the overall performance and emphasized the timely accomplishment of all targets. The final recommendations will be forwarded to the Cabinet Committee (CCOP) for ultimate approval.
