Islamabad [Pakistan], September 29 : The cash-strapped federal government of Pakistan would prioritise privatising multiple institutions, and their second option is to shut them down if privatisation fails, ARY News reported citing sources.
According to ARY News, Pakistan's Prime Minister Shehbaz Sharif directed the Ministry of Privatization and Industry to oversee the privatization process.
The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.
Other institutions slated for privatization include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry, the Gujranwala Business Center Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company.
On August 30, Privatisation Commission Secretary Usman Akhtar Bajwa told Senate Standing Committee on Privatisation that the privatization process of the debt-ridden Pakistan International Airlines (PIA) will be completed by October 1, Dawn reported.
Bajwa said that the PIA's deficit had reached PKR (Pakistani Rupees) 500 billion, Dawn reported.
"Whoever buys the PIA will also have to clear liabilities of PKR 200 billion and spend PKR 400 million on ship repairs and other issues," Dawn quoted Bajwa as saying.
He said that six companies were finalised for PIA bid- Fly Jinnah, Air Blue, Arif Habib Corporation, YB Holdings, Pak Ethanol and Blue World City, Dawn stated.
Earlier on August 22, the federal cabinet approved the privatization of two departments under the Petroleum Division, ARY News reported.
The cabinet gave a nod for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).
As part of the privatization process, the Petroleum Division's department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor