Privatisation board okays PIA, DISCOs’ sale

Says three DISCOs to be privatised by 2025; financial advisers appointed

ISLAMABAD:

The Privatisation Commission Board has approved the privatisation of several power distribution companies (DISCOs) in a bid to strengthen the national economy. The decision was made during a meeting chaired by Federal Minister for Investment, Communications, and Privatisation Abdul Aleem Khan.

The board decided to complete the legal formalities for privatisation by 2025, starting with three DISCOs in the first phase. The appointment of a financial advisor to facilitate this process was also approved.

The federal minister emphasised the importance of a transparent and swift privatisation process, stating that privatising these institutions is crucial for economic recovery. He noted the strong potential for making these institutions profitable once they transition to the private sector.

“The privatisation of Pakistan International Airlines (PIA) will reflect the seriousness of the private sector towards privatisation,” said Khan, underscoring the significance of this move. He directed the Privatisation Commission Board to ensure that all privatisation goals are met on time and that the final approval will be given by the Cabinet Committee on Privatisation (CCOP).

The meeting, attended by the federal secretary for privatisation, members of the Privatisation Commission Board (PCB), and senior officials, also discussed issues related to the privatisation of other institutions, including PIA. Khan reiterated that privatising deficit-run institutions is essential for reducing the burden on the national exchequer. He expressed satisfaction with the overall performance and stressed the importance of achieving all targets on time.

The board unanimously agreed to begin the privatisation of three DISCOs and to hire financial advisers for the process, with all legal matters expected to be completed by January 2025.