Privatization of unprofitable government-owned companies is a priority: Prime Minister Shehbaz

The Prime Minister of Pakistan, Shehbaz Sharif, has reiterated his government’s dedication to privatization unprofitable state-owned firms, characterizing this initiative as a principal economic priority.

During a meeting of the Privatization Commission, the prime minister stated that the successful sale of 75 percent of shares in Pakistan International Airlines (PIA), the former national carrier, represented “the first drop of rain.”

Officials informed the prime minister about the current reforms during the meeting. The official stated that the privatization of electricity distribution businesses will occur in two parts initially.

In the initial phase, the Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO) would undergo privatisation.

The subsequent phase will encompass the Hyderabad Electric Supply Company (HESCO) and the Sukkur Electric Power Company (SEPCO).

Prime Minister Shehbaz Sharif instructed officials to expedite reforms within the Privatization Commission, advocating for the recruitment of highly qualified personnel from the private sector and the market.

He emphasized the necessity for transparency in appointments and directed that the operations of the privatization commission be entirely digitalized.