IESCO, State Life included in privatisation programme

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) Wednesday approved the inclusion of State Life Insurance Corporation (SLIC) as well as Islamabad Electric Supply Company (IESCO), ARY News reported.

The decision was taken in a meeting chaired by the adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh to discuss five agenda items related to the ongoing privatisation programme of the government.

The CCoP meeting also included Lahore Electronic Supply Company (LESCO) in active list of the privatisation programme.

Earlier on Sunday, the Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh said the government had decided to expedite the process of privatisation of some state-owned enterprises as it is considering privatising National Bank of Pakistan and State Life Insurance.

Besides, he said the government will restructure the rest of the state-owned enterprises on a fast track basis to improve their performance.

He said the incumbent government successfully cut down circular debt to less than Rs10 billion.

Dr Shaikh said thus far, the Federal Board of Revenue (FBR) had brought 600,000 new taxpayers into the tax net.

A new system has been in place since 23rd of the last month under which speedy refunds are given to the business community, he said, adding now refunds will be automatically ensured on 16th of every month.