All govt owned orgs should be sold. The govt is too corrupt & incompetent to run govt how can they run companies like PIA?
30 large corporations on sale list under IMF programme - thenews.com.pk
ISLAMABAD: In line with the IMF’s conditions, the government on Thursday approved the privatisation plan of 30 public sector enterprises (PSEs) for four major sectors, including oil and gas, banking, power sector and industries under which different modes of privatisation would be used.
Strategic partnership with management control and sale of shares will be offered with the purpose to get rid of loss making units.Under the conditions of the IMF for securing the bailout package of $6.67 billion, Pakistan had agreed to privatise 65 PSEs over a period of three years.
On Thursday, the Cabinet Committee on Privatisation (CCoP) approved its plan to go ahead with the privatisation of different modes for 30 key institutions and departments, including PIA, Pakistan Steel Mills, both gas utilities SNGPL, SSGCL, OGDCL, PSO, Habib Bank Limited and United Bank Limited with remaining shares, National Insurance Company Limited, Hyderabad Electric Supply Company, Islamabad Electric Supply Company and Faisalabad Electric Supply Company and some other units.
The government, the sources said, did not issue the list of those units which will be privatised in the coming months.There will be units where more than 26 percent shares will be offloaded under this privatisation plan. The Privatisation Commission furnished a list of entities for consideration of the CCoP. After thorough deliberations, the committee agreed to initiate the process of privatisation. It also directed the Privatisation Commission to ensure that the interests of employees were to be protected at all costs.
The meeting was attended by Minister of Water and Power Khwaja Mohammad Asif, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Minister for Planning and Development Ahsan Iqbal, Minister of State for Privatisation Khurram Dastagir, federal secretaries for water and power, petroleum and natural resources, finance, planning and development, commerce, law justice and human rights, Board of Investment, Privatisation Commission, governor State Bank of Pakistan, chairman Securities & Exchange Commission and senior officials of Ports and Shipping Division and Textile Industry Division.
