PM orders full autonomy of Privatization Commission in SOEs’ denationalization

ISLAMABAD: Prime Minister Muhammad Shahbaz Sharif on Wednesday directed the authorities to ensure that the Privatization Commission would be given full autonomy in accordance with the law to eliminate red tape and unnecessary interference in the denationalisation process of the state-owned enterprises (SOEs).

Chairing a review meeting at the Prime Minister’s Office on the progress of SOE privatization, PM Sharif emphasized that the privatization of loss-making national enterprises is crucial for the country’s economic development. He reiterated the government’s top priority to conduct the privatization process effectively, transparently, and efficiently.

The prime minister instructed all relevant authorities to ensure that legal procedures and transparency standards are strictly adhered to throughout the privatization process. “Illegal occupation of valuable land belonging to national institutions will not be tolerated under any circumstances,” he said, adding that utmost care must be taken in the disposal of valuable land owned by national institutions during the privatization process.”

PM Shehbaz Sharif in his special directives underlined that the phased privatization targets of the institutions should be set according to the economic environment of the market so that the national exchequer could be protected from possible losses at all costs.

“All decisions should be implemented fully and effectively. I will regularly monitor the progress of the ongoing work in the Privatization Commission. Moreover, the consultation of professional experts and international standards should be maintained in the privatization process and restructuring of institutions,” the prime minister said.

During the meeting, the prime minister was briefed on the progress of privatization of institutions included in the privatization list in 2024. The Commission officials briefed that the phased privatization of selected institutions was designed keeping in view the legal, financial and sectoral requirements.

Moreover, phased privatization of selected institutions would be completed within the stipulated time frame as per the cabinet-approved program and the denationalisation of all institutions included in the privatization list, including PIA, power transmission companies (Discos), would be completed in accordance with the set economic, institutional and administrative targets.

Federal Ministers Sardar Owais Khan Leghari, Ahad Khan Cheema, Chairman Privatization Commission Muhammad Ali, Minister of State for Finance and Railways Bilal Azhar Kayani and other relevant government officers and senior officials attended the meeting.