Govt moves forward with new plan to privatise more federal entities

The federal government has developed a new strategy to privatise several federal entities as part of its right-sizing policy. The prime minister has assigned the Ministry of Privatisation and the Ministry of Industries and Production to execute the plan for the privatisation of various departments.

As per reports, the Ministry of Industries and Production has earmarked the Pakistan Stone Development Company and Pakistan Automobile Corporation for privatisation. 

Additionally, proposals have been finalised for the privatisation of several other entities, including the Pakistan Institute of Management, Khadi Crafts Development Company, Agro Food Processing Facilities, Leather Crafts Development Company, Morafco Industries, Southern Punjab Embroidery Industry, and Gujranwala Business Centre.

In a further move, the Pakistan Chemical and Energy Sector Skill Development Company and Spin Yarn Research and Development Company are also under consideration for privatisation.

The government’s primary approach will be the privatisation of these entities, with liquidation as a secondary option. Proposals are being reviewed to streamline federal bodies and reduce government expenditure, which may involve closing, merging, or privatising various departments.

The plan follows the directives of Prime Minister Shehbaz Sharif, who established a high-powered Right-Sizing Committee chaired by Finance Minister Muhammad Aurangzeb to oversee the process.