Islamabad: Senate Standing Committee on Privatization and Statistics has observed that hurried privatization of PIA will put the incoming government in a lot of problems to implement the privatization.

The meeting was held under the Chairmanship of Senator Mohsin Aziz here at the Parliament House on Tuesday.

The committee noticed that the incumbent government that has only four months left in office should not privatize the national flag carrier before its term expires. 

The Committee recommended that carving out process may be conducted and evaluation procedures may also follow but the actual privatization should be put on hold till the next government takes office and was attended among others by Senators Nasreen Jalil, SaleemMandviwala, Malik Najmul Hassan, Saeedul Hassan Mandokhel, Minister for Privatization Daniyal Aziz, Secretary Privatization and other representatives from the ministry.

The Committee was given a detailed briefing on the privatization of Pakistan Steel Mill and the fate of its thousands of employees.

The Committee was told that the mill has 11,500 employees and a total of 188 billion liabilities. The Committee was told that the transaction model approved by the Board of Privatization commission will be a 30-year lease plan for the plant and the core land of Pakistan Steel Mill.

The Committee observed that the Federal Government should have Sindh Government on board regarding the lease agreements so that no issues arise later regarding the land of the mill.

The Committee was assured by the Minister that Committee’s concerns as to why UBL and HBL were given 6-7% discounts on sales of shares will be responded to in detail at the next meeting.