Govt forms negotiation committee for privatization

ISLAMABAD: The federal government on Monday decided to form a negotiation committee to assist in privatize several public institutions, ARY News reported.

A Privatization Commission Board meeting was held under the chairmanship of Federal Minister Aleem Khan, in which important issues, including the privatization of the Agricultural Development Bank and other institutions, were discussed.

Aleem Khan emphasized the importance of adhering to legal regulations to ensure the successful privatization of institutions.

Several entities, such as the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management, have been identified for privatization under right-sizing measures.

Sources indicate that the government’s priority is to either privatize or dissolve these organizations.

A day earlier, the federal government’s first priority is to privatize multiple institutions, and the second option is to shut them down if privatization fails.

The federal government has prepared a plan to privatize several institutions. The plan is part of the government’s right-sizing measures and includes the privatization of multiple entities.

According to sources, the Prime Minister has tasked the Ministry of Privatization and Industry to oversee the privatization process.

The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.

Other institutions slated for privatization include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry and the Gujranwala Business Center.