PIA, PSM not to be privatised

ISLAMABAD: The federal cabinet Thursday decided not to privatise the Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) and restructure them instead.

The Privatisation Board had taken the decision a day earlier that was endorsed by the federal cabinet.

The cabinet decided to privatise SME Bank, First Women Bank Ltd., Balloki Power Plant, Haveli Bahadur Shah Plant, Jinnah Convention Center, Lakhra Cola Mine, Services International Hotel Lahore and Marri Petroleum Ltd. The cabinet reviewed the progress made under 100-day plan of the government and decided to bring the progress before on November 9.

Briefing the media, Minister for Information and Broadcasting Chaudhary Fawad Hussain said the meeting had deliberated on the targets set by the government in various areas.

He said the cabinet also discussed the prime minister's visit to China in which emphasis will be placed on further strengthening ties with China besides focusing on transfer of technology to Pakistan.

Fawad said a committee comprising ministers of interior, information, human rights, and other government members held meetings with the Pakistan People’s Party Bilawal Bhutto Chairman and President Pakisatn Muslim League-N Shahbaz Sharif and briefed them on the

situation arising out of the sit-in by some religious elements. They were also informed of the steps taken by the government to tackle the situation including the prime minister’s address to the nation.

He said the opposition had assured their full cooperation in this regard. Minister for Planning and Development Makhdoom Khusro Bakhtyar told the media that the Pakistan-China relations spanned over decades and China was a dependable partner of Pakistan.

He said the prime minister's visit was focused on Pakistan’s needs and priorities.

He said Imran Khan will meet President Xi Jinping which will be his first meeting with the Chinese leadership after taking oath.

He will also meet with the Chinese premier, businessmen and heads of leading corporations.

He will attend Shanghai Expo as Guest of Honor which will provide him with an opportunity to meet with leading businessmen as well as other heads of government attending the event.

Bakhtyar said priorities and future direction of China Pakistan Economic Corridor (CPEC) will also be discussed during meetings with the Chinese officials. He said the government had decided to increase and widen the scope of China Pakistan Economic Corridor in order to reap maximum benefits from this mega project.

He said it had been decided to establish a new joint working group on socio-economic development.

He said in agriculture, livestock, value added chain and other areas were being explored for joint collaboration.

The minister said Chinese economy was worth $12.50 trillion.

“They import products of $1,800 billion. If Pakistan succeeds in getting the share of one percent this import, this will be a huge plus for Pakistan. Our priorities also include poverty reduction and poverty alleviation and talks will be held in this area too. China has vast experience in poverty reduction policies and it has lifted millions of people from the trap of poverty,” he said.