Privatization of loss-making state firms is priority: PM Shehbaz

The Prime Minister of Pakistan, Shehbaz Sharif has reaffirmed his government’s commitment to privatizing loss-making state-owned enterprises, describing the process as a key economic priority.

Chairing a meeting of the Privatization Commission, the prime minister said that the successful sale of 75 percent shares of Pakistan International Airlines (PIA), the former national carrier, marked “the first drop of rain”.

During the meeting, officials briefed the prime minister on ongoing reforms. The official said that initially, the privatization of power distribution companies will be carried out in two phases.

In the first phase, Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO) and Faisalabad Electric Supply Company (FESCO) will be privatised.

The second phase will include Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).

On this occasion, Prime Minister Shehbaz Sharif directed officials to accelerate reforms within the Privatization Commission, calling for the induction of highly skilled professionals from the private sector and the market.

He stressed the need for transparency in appointments and instructed that the privatization commission operations be fully digitalised.

The prime minister also ordered that all projects undergo third-party audits by firms meeting international standards. He also emphasised strengthening the public relations and marketing departments of privatization commission to improve communication and investor outreach.