Govt approves sale of 30% PNSC shares

NLC will buy shipping company's stake along with management control

ISLAMABAD:

The government announced on Tuesday that it had given in-principle approval for selling 30% shares of Pakistan National Shipping Corporation (PNSC) to National Logistics Corporation (NLC) along with management control, kicking off the process to meet formalities.

It also announced a technical supplementary grant "amounting to Rs160 million for repair and maintenance of the Prime Minister's Office during fiscal year 2025-26". The Economic Coordination Committee (ECC) of the cabinet "granted in-principle approval for restructuring of Pakistan National Shipping Corporation through sale of 30% shareholding and transfer of management control to National Logistics Corporation", said a press statement issued by the Ministry of Finance.

The finance ministry said that the Ministry of Maritime Affairs had submitted a summary for selling PNSC shares to NLC. "The ECC directed the concerned authorities to expedite the process in view of tapping the emerging maritime and transshipment opportunities," it said.

The government had earlier established a task force on maritime affairs, which recommended the handing over of PNSC to NLC. PNSC is a state-owned entity that controls sea transportation lines while NLC runs trucking business and transports goods across the country. After the ECC's green light, the sale price will be determined in addition to meeting other formalities to transfer management control to NLC from the Ministry of Maritime Affairs.

Finance Minister Muhammad Aurangzeb chaired the ECC meeting, which also approved over Rs8.6 billion worth of supplementary grants, days before the end of the current financial year.

The ECC approved two summaries submitted by the Ministry of Interior including a supplementary grant amounting to Rs160 million for the repair and maintenance of the Prime Minister's Office during FY 2025-26, said the finance ministry.

The committee was informed that following the winding up of Pakistan Public Works Department (Pak PWD), maintenance responsibilities for the Prime Minister's Office had been transferred to the Capital Development Authority (CDA).

It also allocated Rs480 million for recurring operational requirements of the Frontier Corps KP (North) Hospital at Shakas, Khyber District. The ECC noted that the approved allocation for the FC Hospital would support uninterrupted provision of healthcare and operational services to the FC personnel, families of martyrs and injured soldiers.

Owing to a revenue shortfall in the current fiscal year, the IMF had imposed a prior condition to show savings in the budget to minimise the revenue impact. To meet the condition, Finance Secretary Imdad Ullah Bosal issued a decree to give effect to savings of Rs136 billion from the budget and to place it before the National Assembly along with FY27 budget.

The IMF had also imposed another prior action, whereby it was made mandatory for the FBR to collect Rs322 billion against court cases to minimise the revenue shortfall. The IMF said that the FBR collected Rs327.7 billion from the disputed taxpayer obligations, meeting the target of Rs322 billion. It said that most of this collection, or Rs318.4 billion, was based on a recent court ruling that confirmed the legality of super tax. The ECC approved Rs3.9 billion in supplementary grant for the Prime Minister's Youth Skill Development Programme and the establishment of Danish Schools in Azad Jammu & Kashmir, Gilgit-Baltistan and Balochistan. Except for the Islamabad Capital Territory and special areas, education is the responsibility of the provincial governments.

The ECC considered and approved a summary submitted by the Ministry of National Health Services for a supplementary grant of Rs1.5 billion for the Prime Minister's National Health Programme.

The committee approved a summary submitted by the Ministry of Kashmir Affairs regarding enhancement of monthly subsistence allowance for the Jammu & Kashmir refugees of 1989 from Rs3,500 to Rs6,000 per person with effect from February 1, 2026. It approved an allocation of Rs578.9 million for the period ending June 30, 2026. The committee directed the concerned ministry to take up future budgetary requirements with the Finance Division.

The ECC considered a summary submitted by the Ministry of Railways regarding allocation of an additional grant for payment of outstanding liabilities under the Prime Minister's Assistance Package. After detailed deliberations, it approved Rs1 billion for the assistance package.

The committee directed the Railways Division to undertake a broader review of pension liabilities. The ECC also directed the Establishment Division to review the overall policy framework relating to the Prime Minister's Assistance Package.

The committee approved a summary submitted by the Ministry of National Food Security for the allocation of Rs1 billion through a supplementary grant for operationalising the National Agri-Trade and Food Safety Authority. The authority has been established to strengthen regulatory oversight pertaining to food safety, plant health, livestock and agro-chemicals in line with international standards and trade requirements.

The ECC gave its nod to the National Policy to Realise Pakistan's Gemstone Potential 2026-2030, submitted by the Industries and Production Division. The policy aims to formalise the gemstone sector, promote value addition and modern mining practices, and enhance exports and regional economic development, particularly in Gilgit-Baltistan, Khyber-Pakhtunkhwa and Azad Jammu & Kashmir.