Prime Minister’s announcement of privatization of all government-owned enterprises

By DTD- On May 14, 2024

Prime Minister Sharif articulated that scrutinizing governmental assets would lead to savings for taxpayers and enhance the quality of services provided.

Islamabad: Prime Minister Shahbaz Sharif has declared a comprehensive review of all government-owned assets, extending beyond strategic and national institutions to encompass all governmental properties. This announcement came during a high-level assessment session chaired by the Prime Minister himself, focusing on the affairs of the Ministry of Finance and the Securities and Exchange Commission.

During the session, both the Ministry of Finance and the Securities and Exchange Commission presented the roadmap for the 2024-2029 fiscal period, outlining strategies for effective asset management and fiscal responsibility.

Prime Minister Sharif underscored the importance of scrutinizing not only strategic national institutions but also all other governmental assets, whether profitable or not. He emphasized that the government’s role extends beyond governance to facilitating business and creating investor-friendly environments, highlighting the need to provide facilities and ease for business and investment.

Furthermore, Prime Minister Sharif articulated that scrutinizing governmental assets would lead to savings for taxpayers and enhance the quality of services provided. Transparency in the process of scrutiny was prioritized.

Directing all federal ministries to cooperate fully with the Securities and Exchange Commission, Prime Minister Sharif emphasized that the government’s focus should not only be on running businesses but also on ensuring a conducive environment for entrepreneurship and investment.

Regarding the privatization of loss-making government assets, it was disclosed that priority would be given to privatizing them on preferential terms. Additionally, a qualified panel of experts is being assembled within the Securities and Exchange Commission to expedite and streamline the process of asset scrutiny, making it more efficient and effective.

In another significant development, Prime Minister Sharif instructed for the immediate publication of the building and key stages of Pakistan International Airlines Company Limited’s (PIA) asset scrutiny. Consultations regarding the asset scrutiny of the PIA-owned hotel in the United States, Hotel Roosevelt, are also ongoing.

Furthermore, the First Women Bank’s transaction with the UAE is progressing under the Prime Minister’s supervision, and electricity distribution companies have been included in the asset scrutiny program for 2024-2029.

The comprehensive review and scrutiny of government assets mark a significant step towards ensuring fiscal discipline, transparency, and efficiency in Pakistan’s governance and economic management.

Ahsan reviews preparations for PM’s upcoming China visit

Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal chaired a meeting here on Monday to discuss preparations for the Prime Minister’s upcoming visit to China and review progress on China Pakistan Economic Corridor (CPEC) Phase 2.

The meeting was attended by the Secretary of Planning and senior officials of the Ministry of Planning, according to a press release issued by the planning ministry.

The minister reviewed the expected progress on CPEC Phase 2 during his recent visit to China last week and briefed on the preparations and agenda for the upcoming JCC meeting scheduled to be held next week.

Officials briefed the Federal Minister on the ongoing and proposed projects under consideration by various ministries.

The Minister emphasized that ensuring progress on ongoing and newly proposed development projects under CPEC Phase 2 would be a key agenda item of the Prime Minister’s visit to China.

“All ministries and departments will have to play an active role in the completion of CPEC projects,” he added.

He said solid progress on ML-1 would prove to be a milestone for Pakistan’s communication and trade sectors adding promoting cooperation with China in other sectors, including technology transfer, was a top government priority.

In addition, he said technology transfer would provide Pakistan with invaluable opportunities to increase its experience and capacity. He said, in Phase 2, business-to-business cooperation would start in addition to cooperation between the two governments.

The minister said that Government-to-Government, Business-to-Business would prove to be a significant strategic development in terms of partnership between Pakistan and China, adding China has developed a clear vision and roadmap “We will also have to move forward with a vision for national development,” Ahsan Iqbal stressed, saying that Pakistan was the most important country in the region in terms of regional cooperation and its relations.

“The Prime Minister’s visit to China will mark the beginning of a new era of cooperation in all sectors, including CPEC,” Ahsan said.