Cabinet body directs to accelerate privatisation process of SME Bank, PIA investment Ltd    

ISLAMABAD: The Cabinet Committee on Privatisation on Friday directed to expedite the pace of work on privatization of SME Bank Limited and the PIA Investment Limited.

The meeting was held in Islamabad with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair, Radio Pakistan reported.

The committee approved a transaction structure submitted by privatisation commission for the privatisation of SME Bank.

 The meeting also discussed privatisation of PIA-Investment Limited and approved a proposal for the constitution of a task force to examine and process all necessary formalities for an early disposal of the PIA properties.

The committee also directed the PIA management to update the body on monthly basis regarding the progress.

However, the committee did not agree to the proposal from earthquake reconstruction and rehabilitation authority for delisting of its 17 properties from the 32 assets being processed for sale by Privatization Commission.

Read More: ‘Strengthening economy is core objective of privatization’: PM Imran

Earlier in the day, Prime Minister Imran Khan had said that the core objective of privatization process was to strengthen the country’s economy.

Presiding over a high-level meeting to review progress on privatization of loss-making public sector enterprises (PSEs), PM Imran had said that the process was in the national interest.

Terming raise in non-tax revenue government’s top priority, PM Imran had said that the government will get revenue by privatization of the PSEs.