Privatization of loss-making SOEs prioritized: Aleem Khan

ISLAMABAD: Federal Minister for Privatization, Board of Investment, and Communications Abdul Aleem Khan has announced that the privatization of loss-making state-owned enterprises (SOEs) will be prioritized to ensure swift action in accordance with rules and regulations. He emphasized that this process is positively impacting the country’s economy, citing a favorable rating by Moody’s as evidence.

Khan made these remarks while presiding over a meeting of the Privatization Commission Board, where various aspects of the privatization process, including the future of Pakistan International Airlines (PIA) and the Roosevelt Hotel in New York, were discussed in detail.

“Privatization will reduce the burden on the national exchequer,” Khan said, indicating that more SOEs are being listed for privatization. He stressed the importance of timely preparation of documents, adding that confidentiality regarding transactions must be maintained to ensure the integrity of the process.

The minister also directed that all formalities of privatization be completed in a phased and transparent manner. The Privatization Commission Board is expected to resolve issues through mutual consultation, keeping the national interest in mind, he added.

Federal Secretary for Privatization briefed the board on technical aspects of the privatization process. Board members, including Pir Saad Ehsanuddin, Rasool Bakhsh, Parvez Afzal Khan, Naheed Memon, Khurram Shehzad, Javed Bashir Sheikh, and Muhammad Jahanzeb Khan, presented various proposals and shared their views on different issues related to privatization.

Khan noted that the final decision on privatization matters will be taken by the Cabinet Committee, based on the recommendations of the Privatization Commission Board. The meeting also approved the proceedings of the previous board meeting.