PM Kakar orders to pace up privatisation of loss making SOEs

ISLAMABAD: Caretaker Prime Minister (PM) Anwaarul Haq Kakar on Monday directed to pace up the process of privatisation of the State-Owned Enterprises (SOEs) facing financial losses, ARY News reported.

The prime minister gave the directions in a meeting with the Caretaker Minister for Privatization Fawad Hassan Fawad.

PM Kakar emphasised that the privatisation of such SOEs was vital to save the national exchequer from further financial loss.

The prime minister in this regard lauded the role played by the Privatization Facilitation Council.

Last month, the caretaker premier directed authorities to expedite the privatisation process of loss-making Pakistan International Airlines (PIA).

Meanwhile, the privatization plan of the loss-making Pakistan International Airlines (PIA) was revealed.

Related: PIA-owned Scribe Hotel listed for privatisation: sources

According to sources, the plan to privatise the national airline and power distribution companies and the restoration plan of Pakistan steel mills has been finalised.

Sources said that the appointment of a Financial Advisor for the privitisation of PIA has also begun. The affiliated institution with the national airline will not be privatised however the plan to resolve issues related to PIA debt, government guarantees are finalised sources added.

The privatisation commission sources revealed that Pakistan steel mill cannot be privatised in current circumstances meanwhile the mill’s production and capabilities will be increased to attract investors.

Pakistan International Airlines (PIA) is grappling with a severe financial crisis, raising concerns about its ability to sustain air operations amidst mounting debts.