ISLAMABAD: The caretaker federal cabinet has okayed an ordinance to ensure the smooth privatisation process of the state-owned entities including Pakistan International Airlines (PIA), citing sources, ARY News reported on Friday.
The caretaker federal cabinet decided to remove hurdles in the privatisation of the loss-making state-owned entities (SOEs) including PIA.
Sources told ARY News that an ordinance was approved by the caretaker federal cabinet to privatise the loss-making SOEs. It was also decided to establish an appellate tribunal to hear petitions against the privatisation.
Related: PIA privatisation: PPP decides to give govt tough time
Under the new legislation, the decisions of the Privatisation Commission’s appellate tribunal could only be challenged in the Supreme Court (SC), sources said.
Sources said that the privatisation process was affected due to several petitions filled in different courts. The appellate tribunal will be established at the demand of local and foreign investors, sources added.
After the promulgation of the privatisation ordinance, all petitions in several courts will be diverted to the appellate tribunal.
Last month, the apex committee of the Special Investment Facilitation Council (SIFC) ordered to expedite the privatisation process of the loss-making state-owned entities.
Related: SHC moved against privatisation of PIA
The seventh session of the Special Investment Facilitation Council’s (SIFC) apex committee was held under the chair of Caretaker Prime Minister Anwaarul Haq Kakar.
Chief of Army Staff (COAS) General Syed Asim Munir, caretaker cabinet members, caretaker chief ministers and high-level government officers attended the session.
The committee expressed satisfaction over the steps and lauded the increase in contacts with the ally countries to invite foreign investments and the cooperation of the government and private institutions.
The SIFC apex committee directed to prepare a comprehensive strategy to bring investments to Pakistan’s oil and gas sector.
The privatisation process of the loss-making state-owned entities was also reviewed in the session. The committee directed to expedite the privatisation process.
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