Govt formulates new privatisation programme

ISLAMABAD: The incumbent Pakistan Tehreek-e-Insaf (PTI) government has started work on a new privatisation programme, it has been learnt.

Documents have revealed that the Privatization Commission has asked the ministries and divisions to furnish details of permanent, contractual and daily wagers working in the public sector enterprises (PSEs). In addition, the details regarding monthly and yearly operational expenses, latest audited reports, details of subsidy, other financial assistance, net valuation of assets and property have also been asked.

Besides this, the PC has asked the ministries to recommend if they were in favour of ‘privatisation’ or ‘restructuring’ of institutions. “If a ministry supports privatization, then difficulties during the process may be identified and if a ministry supports restructuring then it should also give a proposed plan,” it stated.

Subsequently, the departments wrote a letter to the heads of the sub-ordinates department to furnish the above-stated details.

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Sources told that 62 PSEs have been selected in the first phase. The list included House Building Finance Cooperation, Industrial Development Bank Limited, Small and Medium Enterprise Bank, First Women Bank Limited, National Bank of Pakistan (NBP) and National Investment Trust Limited (NITL).

Similarly, the Ministry of Commerce’s sub-ordinate departments like National Insurance Company (NIC), Pakistan Reinsurance Company (PRC), State Life Insurance Cooperation (SLIC) and Trading Cooperation of Pakistan (TCP) are included in the list.

Furthermore, Oil and Gas development Cooperation Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan State Oil limited (PSO), Sui Northern Gas Pipeline (SNGPL), Sui Southern Gas Company Limited (SSGC), Mari Petroleum Limited (MPL), Government Holding Private Limited (GHPL), Pakistan Mineral Development Cooperation (PMDC), Lakhra Coal Development Company are also in the list.

All the distribution companies including FESCO, GEPCO, IESCO, LESCO, MEPCO, PESCO, HESCO, QESCO, SEPCO, KAPCO, GENCO, Central Power Generation Company Limited (CPGCL), Lakhra Power Generation Company limited, Nothern Power Generation Company limited, Civil Aviation Authority, Pakistan International Airlines Cooperation and PIA Roosevelt and Scribe Hotels in New York and Paris are also made part of the list.

It is pertinent to mention that the auditor general of Pakistan on Monday shared with the ECC a report on audit findings pertaining to financial and operational issues in the four power distribution companies namely HESCO, PESCO, QESCO and SEPCO in the years 2016-17 and 2017-18.

The report highlighted significant areas of the distribution system responsible for line and commercial losses.

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