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- March 7, 2024
- Kainat Shakeel
- 0
ISLAMABAD: On Thursday, Prime Minister Muhammad Shehbaz Sharif emphasized the need to accelerate the privatization process of those State Owned Enterprises (SOEs) that are continuously draining the national coffers to stabilize the economy and give the average person the most relief possible. “Impediments to the privatization process must be eliminated as soon as possible to enable the nation to avoid losing billions of rupees and to enhance its economic standing,” he stated at the chairing of a high-level discussion on the subject. The prime minister further ordered that departments involved in the privatization process be given prompt support in strengthening their capabilities.
The prime minister gave instructions to submit the specific activities and goals along with a time range after going over the entire list and status report of all the institutions involved in the privatization process. Additionally, he instructed the Ministry and the Privatization Commission to bring any outstanding concerns about the privatization to the cabinet as soon as possible so that prompt decisions could be made furthermore, delays would be unacceptable. Regarding the suggestion that the provinces take over the electricity distribution businesses, Shehbaz Sharif gave the go-ahead to form a review committee that would report back to the prime minister with its recommendations.
It was made evident by him that the Ministry and the Privatization Commission had all responsibility for the privatization process. Additionally, he gave the order to eliminate any process bottlenecks. Additionally, he emphasized the need to establish efficient international standards for the process’s monitoring and to guarantee institutional transparency of the privatization process. The prime minister urged the relevant authorities to take a genuine approach to eliminating loss-making institutions, stating that the nation and its citizens were forced to bear the high cost of their existence. He stated unequivocally that the public interest, quality, and transparency would always come first. He also emphasized the importance of fostering a climate of business competitiveness and public service, calling these aspects crucial to progress.
Since it concerns improving Pakistan, the ministries and institutions should make expert and passionate suggestions for answers. The process of privatizing loss-making organizations such as Pakistan Steel Mills Corporation, Roosevelt Hotel, House Building Finance Corporation, First Woman Bank, Heavy Electrical Complex, power plants, and distribution businesses was examined in the most recent developments of the meeting. It also covered the difficulties encountered and the current state of progress in this field. A briefing was given by the Secretary of the Ministry of Privatization and other pertinent officials. The gathering was informed that one of the primary causes of the privatization process’s delay was the stay orders imposed by the courts.
The prime minister ordered the Ministry of Law to recommend necessary action by his directive to make the legal team more effective. It was announced at the meeting that proposals for outsourcing the airport must be submitted by March 5th. Deputy Chairman of the Planning Commission, Chairman of the Federal Board of Revenue, Secretary of the Privatization Commission, Secretary of the Ministry of Law, Shaza Fatima Khawaja, Rumina Khursheed Alam, Ahad Cheema, Ali Pervaiz Malik, Rana Ehsan Afzal, and other high officials were present at the meeting. Participating via video link in the meeting was renowned banker Muhammad Aurangzeb.