| Islamabad: Finance Minister Muhammad Aurangzeb has announced plans to privatise Pakistan International Airlines (PIA) and three power distribution companies (Discos) before the end of the year, as reported on October 3.
Read: ‘PIA’s bidding process to conclude by October 2024’
As per details, Aurangzeb highlighted that the privatisation of PIA has been postponed to October 31, citing low bidder interest, ongoing court cases, an aging fleet, and civil aviation concerns. Sources recently revealed that the government aims to privatise more state-owned enterprises (SOEs) as part of its rightsizing policy. PM Shehbaz has instructed the Ministry of Privatisation and the Ministry of Industries and Production to implement this plan.
Other entities earmarked for privatisation include the Pakistan Stone Development Company, Pakistan Automobile Corporation, Pakistan Institute of Management, Khadi Crafts Development Company, Agro Food Processing Facilities, Leather Crafts Development Company, Morafco Industries, Southern Punjab Embroidery Industry, and the Gujranwala Business Centre.
Read: PIA’s Privatisation: Two-month extension for due diligence period granted
Aurangzeb, who chairs the high-powered Right-Sizing Committee established by the Prime Minister, elaborated on the privatisation process, stating that the outsourcing of Islamabad and Karachi airports will occur in phases. He added that rightsizing and restructuring of certain ministries and departments will also be finalised before the next fiscal year.
Regarding the power sector, the minister mentioned ongoing discussions with Chinese authorities about debt re-profiling, along with the status of China Pakistan Economic Corridor (CPEC) projects. He reaffirmed the government’s commitment to privatising struggling units and implementing power sector reforms, asserting that all necessary measures are being taken to bolster the country’s economic stability. |
|
