PM Shehbaz directs to expedite PIA, PSM privatisation

ISLAMABAD: Prime Minister Shehbaz Sharif directed concerned officials to expedite the privatisation process of Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), and other loss-making state-owned institutions.

Presiding over a high-level meeting in Islamabad to evaluate the privatisation process, PM Shehbaz also directed that immediate measures should be taken to strengthen the ability of the institutions in charge of privatisation in order to resuscitate the economy and speed up the process of delivering assistance to people.

The meeting reviewed the progress made so far and the challenges in privatising loss-making state-owned enterprises including Pakistan International Airlines, First Women Bank, Roosevelt Hotel, Heavy Electrical Complex, power plants, and power distribution companies, as well as Pakistan Steel Mills Corporation.

During the meeting, a committee was also formed to review the idea to transfer power businesses to the provinces. The committee has been tasked to present its recommendations to the prime minister.

PM Shehbaz said that the Pakistani people are compelled to bear the enormous cost of keeping loss-making businesses functioning.

He emphasized the importance of creating a competitive climate in order to speed up economic activities and provide the finest possible services to the people. He asked ministries, departments, and institutions to offer ideas that demonstrate professionalism and devotion, terming it a subject of Pakistan’s growth.