Finance minister directs to expedite privatisation process

ISLAMABAD: Finance Minister Dr. Abdul Hafeez Sheikh on Monday directed to expedite the privatisation process of various loss-making state-owned entities, ARY News reported.

Presiding over a meeting of the cabinet committee on privatization, Abdul Hafeez Sheikh directed to present a workable plan for the privatization of the state-owned entities within a week.

Matters pertaining to privatization of the National Power Parks Management Company (NPPMC) and other issues were also come under discussion in the meeting.

Federal Minister for Energy Omar Ayub Khan, Adviser to Prime Minister on Commerce Abdul Razak Dawood, Advisor to Prime Minister for Institutional Reforms and Austerity Ishrat Hussain and other high officials were present in the meeting.

Last year in October, the federal government had presented the list of national entities slated for privatisation which include Roosevelt Hotel in New York owned by Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), Nandipur power plant and 16 others.

A list containing names of 19 government institutions had been presented in the Senate session by the federal government which were slated for privatisation.

The state-owned entities include Roosevelt Hotel in New York owned by the national carrier, Pakistan International Airlines (PIA), Balloki power plant, Haveli Bahadur Shah power plant, SME Bank, First Women Bank, Pakistan Steel Mills (PSM), Pakistan Engineering Company, Services International Hotel, Jinnah Convention Centre, Mari Petroleum, Nandipur power plant, State Life Insurance Corporation, Oil and Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL) and Giddu power plant.