September 07, 2023 (MLN): The Cabinet Committee on Privatization (CCoP) on Wednesday decided to establish a technical committee to address bottlenecks in the privatization and restructuring of Pakistan International Airlines (PIA), according to a press release issued on the same day.
The committee has directed the Aviation Ministry to collaborate with the Privatization Commission to present a detailed action plan with a clear timeline and sequence.
Secretary Privatization Commission (PC) presented a detailed briefing on the status of the active privatization program for the reaffirmation by the newly constituted CCoP.
The secretary updated the meeting on the issues related to the privatization of loss-making SOEs including Heavy Electrical Complex, Services International Hotel, Pakistan Steel Mills, HBFCL, Roosevelt Hotel, NY, PIA, RLNG Power Plants, 10 Discos, etc.
The Chair underscored the need to accelerate the process of privatization of loss-making SOEs to foster great efficiency, and productivity and enhance the overall revenue of the country.
Similarly, the CCoP constituted a committee led by caretaker Minister for Energy to present a viable plan with a timeline regarding private sector participation in the management of Discos.
The committee comprised the Secretary Privatization Commission, the Special Secretary of Finance, and members from NEPRA.
The committee shall submit its recommendations within the shortest possible time.
Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatization Dr. Shamshad Akhtar chaired the said meeting.
