PM orders removing bottlenecks in privatisation of SOEs

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday directed the authorities to ensure that the Privatisation Commission is given full autonomy as per the law to eliminate red tape and unnecessary elements during the denationalisation process of the state-owned enterprises (SOEs).

The prime minister chaired a review meeting on progress of privatisation of SOEs here at the PM Office, an official news release said. Shehbaz underlined that the privatisation of loss-making national enterprises was essential for the improvement and development of the country’s economy, whereas it was the government’s top priority to carry out the privatisation process effectively, comprehensively and efficiently.

The prime minister had directed the quarters concerned to make sure that all legal steps and transparency requirements should be fulfilled in the privatisation. “Illegal occupation of valuable land of national institutions is unacceptable under any circumstances. Every possible precaution should be taken in the disposal of valuable land owned by national institutions,” he emphasised. He underlined that the phased privatisation targets of the selected institutions should be set according to the economic environment so that the national exchequer could be protected from possible losses. “All decisions should be implemented fully and effectively. I will regularly monitor the progress of the ongoing work in the Privatisation Commission. Moreover, the consultation of professional experts and international standards should be maintained in the privatisation process and restructuring of institutions,” he said.

The prime minister was briefed on the progress of privatisation of institutions. The commission briefed that the phased privatisation of selected institutions would be completed within the stipulated time frame as per the cabinet-approved programme and the denationalisation of all institutions, including the PIA, power transmission companies (Discos), would be completed in accordance with the set targets.

Meanwhile, during a meeting with British High Commissioner in Pakistan Jane Marriott, who called on him here at the PM House, the prime minister expressed his appreciation for the United Kingdom’s role in de-escalation of tensions during the Pakistan-India stand-off and reiterated that Pakistan was ready for a meaningful dialogue with India on all outstanding issues. The regional situation in South Asia and the Middle East was also discussed.

The UK high commissioner thanked the prime minister for receiving her and briefed him about her recent visit to London, where she had extensive consultations on enhancing Pakistan-UK bilateral ties. She also shared with the prime minister, the UK’s perspective on regional developments in South Asia and the Middle East.

Separately, chairing a review meeting on the ongoing reforms in the Federal Board of Revenue (FBR), the prime minister stressed sustained and time-bound efforts to overhaul the tax system in line with modern requirements.

Terming the recent improvements in the tax machinery as “encouraging,” he emphasised that reforms must lead to the creation of a sustainable, digitised and facilitative tax system, a PMO news release said. He directed the FBR to accelerate digital transformation, restructure its digital wing with a clear roadmap, and enhance enforcement to curb the informal economy. He also stressed the importance of stakeholder consultation in the reform process, particularly with businesses, traders and taxpayers.

The meeting highlighted significant progress in tax reforms, with a historic 1.5pc rise in tax-to-GDP ratio in FY2025. Income tax return filers surged from 4.5 million in 2024 to 7.2 million by June 30, 2025. The prime minister welcomed proposals for further reforms and directed officials to submit a time-bound plan with actionable targets by next week.

Meanwhile, in a statement, the prime minister directed for expediting the rescue operations being under way in rain and flood-affected areas of the country. He directed for accelerating rehabilitation of roads hit by landslides, particularly Karakoram Highway, Naran-Babusar-Chilas roads. PM directs authorities to provide relief to stranded passengers and ensure precautions against disease outbreaks in flood-affected areas.