Pakistan to 'shut' multiple institutions if privatization fails

ISLAMABAD: The federal government’s first priority is to privatize multiple institutions, and the second option is to shut them down if privatization fails, ARY News reported citing sources

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.

READ: Cabinet ‘okays’ privatization of Petroleum division departments

Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company are also on the list for privatization.

Earlier, the federal cabinet approved the privatization of two departments under the Petroleum Division.

The cabinet gave the green signal for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).

As part of the privatization process, the Petroleum Division’s department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.