ISLAMABAD: The federal government, in consultation with the International Monetary Fund (IMF), has prepared a list of 12 organisations which will be privatised in a phased and sequential manner.
According to sources, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) recently considered a summary submitted by the Finance Division and accorded in-principle approval to the proposed list of entities for privatisation and restructuring categories.
Entities placed in proposed categories were discussed one by one, sources said, adding that the committee had advised that the placement of SOEs for privatisation should be done in a phased and sequential manner.
The government shall retain only those SOEs that were essential for its functions, besides those which the private sector was unable to undertake.
Sources said that House Building Finance Company Ltd, National Engineering Services Pakistan Ltd, National Investment Trust Ltd, Overseas Employment Corporation Ltd, Pakistan Environment Planning & Architectural Consultants Ltd, Pakistan Expo Centers Ltd, Pakistan Television Corporation Ltd, Pakistan Tourism Development Corporation, Sui Northern Gas Pipelines Ltd, Sui Southern Gas Pipelines Ltd, Utility Stores Corporation and Zarai taraqiati Bank would be the candidates for the next phase of privatisation after due consultation with relevant ministries.
Meanwhile, the committee observed that joint investment companies under the Finance Division were not performing their functions in an efficient manner and therefore it may take necessary steps in the right direction.
The committee directed the Finance Division to make necessary adjustments in the privatisation process on the feedback from IMF and in consultation with Adviser to PM on Institutional Reforms and Austerity Dr Ishrat Hussain.