MINISTER PRIVATISATION CHAIRED PROGRESS REVIEW MEETING

Federal Minister for Privatisation, Mohammedmian Soomro chaired a Privatisation progress review meeting in the Ministry today. Federal Secretary Privatisation and other senior officials of the Ministry and Privatisation Commission attended the meeting.
Federal Minister was briefed about the progress regarding various PSEs to be privatized in the current fiscal year, and which have also been made part of the Performance Agreement of the Division. Federal Minister stated that privatisation is a major part of current government’s economic reforms agenda, and urged all concerned to expedite the resolution of issues which might hinder the timely completion of these transactions. He informed the participants that the focus through privatisation is multi-pronged; it is not only profit- incentive but also to bring more efficiency in various public sector entities, and create employment, debt reduction and poverty alleviation.

The entities that were discussed in the meeting are included in the active privatisation list, and most of them are at advanced stages of privatisation. These entities include: Services International Hotel, SME Bank, House Building Finance Corporation (HBFCL), Convention Center and NPPMCL, etc. Final bids (and response) are linked to market conditions.
Federal Minister was also briefed about the matters relating to Pakistan Steel Mills Corporation (PSMC), He was informed that the transaction structure which was approved by PC Board is being presented to CCOP before its final approval from the Cabinet
Minister Privatisation stated that the government is earnestly working for the revival of PSMC, through the induction of capital and technology, thus bringing the entity to operate at its full production capacity.
In the end, the Federal Minister urged the officers/ officials to make all out efforts to resolve the related issues so the targets could be achieved in stipulated time and also in an efficient and effective manner.