Prime Minister Muhammad Shehbaz Sharif has directed to expedite the process of privatization.

Presiding over a high-level meeting in Islamabad today to review privatization process, he further instructed to take urgent measures to enhance capacity building of the institutions responsible for privatization in order to revive economy and accelerate process of providing relief to the people.

During the meeting, a committee was also constituted to review proposal to handover power companies to the provinces. The committee will submit its proposals to the Prime Minister.

The Prime Minister said the people of Pakistan are compelled to bear the heavy cost of keeping the loss-making entities functional.

He stressed the need to create an environment of competitiveness in expediting business activities and providing the best services to the people. He urged the ministries, departments and institutions to present suggestions demonstrating professionalism and commitment as it is a matter of Pakistan’s development.

T
he meeting took a detail review of the progress made so far and hurdles in privatization of loss-making State Owned Enterprises, including Pakistan International Airlines, First Women Bank, Roosevelt Hotel, Heavy Electrical Complex, power plants, and power distribution companies and Pakistan Steel Mills Corporation.

The Prime Minister instructed to make the legal team of the government effective and the Law Ministry to propose appropriate actions.

Source: Radio Pakistan