Prime Minister Shehbaz Sharif on Tuesday directed authorities to accelerate the privatisation of loss making state owned enterprises, terming the divestment of a 75 percent stake in Pakistan International Airlines as only the first step in a wider reform push.
Chairing a meeting on the Privatisation Commission at the Prime Minister’s House, the prime minister said the PIA transaction was the “first drop of rain” and underlined that structural reforms would be expanded across other state entities.
He ordered an institutional overhaul of the Privatisation Commission, instructing that experienced professionals from the private sector be inducted in key functions including finance, human resources, legal affairs, information technology and media management. He stressed that all appointments must be conducted through a fully transparent process.
The prime minister also directed the complete digitisation of the commission and called for third party audits of privatisation transactions by firms of international repute to strengthen credibility and oversight.
Officials briefed the meeting that market based advisers would be hired in strategic areas, while consultants would be engaged for policy, strategy, transaction execution and power sector reforms. They said the reform process is built around stronger governance, enhanced institutional capacity, strategic discipline and transparent communication with stakeholders.
The meeting was informed that the privatisation of power distribution companies will be implemented in two phases. In the first phase, Islamabad Electric Supply Company, Gujranwala Electric Power Company and Faisalabad Electric Supply Company will be privatised. The second phase will cover Hyderabad Electric Supply Company and Sukkur Electric Power Company.
The prime minister also emphasised the need to strengthen the commission’s public relations and marketing functions to improve stakeholder engagement and public outreach.
The meeting was attended by Defence Minister Khawaja Asif, Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Adviser to the Prime Minister on Privatisation and Chairman Privatisation Commission Muhammad Ali, along with senior government officials.
