ISLAMABAD - The government is likely to give approval for privatisation of financially-troubled Pakistan Steel Mills (PSM) in next week after it already decided to privatised Pakistan International Airlines (PIA) and seven others entities.
“The board of directors of Privatisation Commission will meet on February 10 or 11 to consider the privatisation of Pakistan Steel Mills, Faisalabad Electric Supply Company and Muzaffargarh Thermal Power Station”, said one of the member of board of directors of Privatisation Commission while talking to reporters. However, he was of the view that agenda of the meeting regarding privatisation of further entities might change.
Earlier, Minister of State/Chairman Privatisation Commission Mohammad Zubair termed the privatisation process most ambitious plan that would help in saving Rs 500 billion annually. Talking to the media, he said that government would generate Rs 150 billion within ongoing financial year 2013-14 (before June 30 this year) through privatisation process. The revenue generated from privatisation process would help in controlling in budget deficit within the target, he maintained. He assured that government would bring 100 percent transparency in whole process of the privatisation, which is going on fast track basis despite stiff opposition from political parties.
Mohammad Zubair informed that government is working to privatise PIA before end December this year, which might complete a month ago or after the aforesaid time. The government has started restructuring of PIA, which would go parallel with its privatisation process. “I will convince IMF if the process of PIA privatisation delay due to some reasons”, State Minister said and added that the government would privatise the core business of PIA, which includes operational part of the airlines.
Talking about pending amount from Etisalat, he said that incumbent government is actively pursuing it and would receive $800 million against the privatisation of Pakistan Telecommunication Limited (PTCL).
On a question, Chairman Privatisation Commission said that there is no time for institutional building, as the process could take more than one-year period by halting the privatisation process. He informed that board of directors had approved the privatisation of eight public sector entities last month. The eight entities including Pakistan International Airlines (PIA), Oil and Gas Development Company Limited (OGDCL), Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL) and Pakistan Petroleum Limited (PPL), National Power Construction Company (NPCC) and Heavy Electrical Complex.