Rs8.17bn approved for expediting privatisation

ISLAMABAD: Funds have been approved to expedite the process of privatisation of government entities.

The federal cabinet approved a budget of Rs8.17 billion for the Privatization Commission. According to government sources, more than Rs7.5 billion will be allocated for the appointment of financial advisers. Over Rs2.1 billon was approved for the financial adviser of the Roosevelt Hotel; Rs4.2 billion will be allocated for the financial adviser of four electricity distribution companies. Over Rs1.2 billion will be given to PIA’s financial adviser. Funding has been approved for the current fiscal year 2024-25. According to sources, the Privatization Committee of the Cabinet had approved the allocation of the funds in its meeting of August 2. After that, the federal cabinet confirmed the decision of the committee meeting.