The meeting of Privatization Commission took place in Islamabad where the approval of the Budget Estimates of the PC for the upcoming fiscal year, amounting to Rs.124.9 crores was given.
The Board meeting of PC was Chaired by Abid Hussain Bhayo and attended by the Federal Secretary, Board members, and concerned senior officials.
The commission has been given the task of the privatization of federal governments assets like the governments shares in banks, industrial units, public utilities, oil, gas and transport companies and infrastructure service providers in an open and transparent system under the PC ordinance 2000.
The session gave the approval of the Budget Estimates of the PC for the upcoming fiscal year, amounting to Rs.124.9 crores. These estimates would be sent to the Federal Government for further approval as per PC Ordinance 2000.
The Board constituted the PC Board Investment Committee. This committee would oversee the investment of available funds in accordance with the parameters, provided in the PC Ordinance 2000 and the instructions of the Federal Government.
During the discussion about the privatization of Pakistan Engineering Company Limited (PECO), it was acknowledged that significant inherent issues have led to a temporary suspension of the transaction.
The session decided that it was imperative to suggest the government that the administrative ministry to take immediate action to address these issues before moving ahead for the privatization of PECO.
The Board approved the recommendations put forth by the Transaction Committee about the privatization of House Building Finance Company Limited.
There are hardly companies, working under the umbrella of the government which are earning profit. Nearly all the government organizations including PIA, Pakistan Railways, National Highway Authority etc. have been showing loss for the years.
The Privatization Commission has been tasked to look into the issues of such government set ups so that