- The government has a five -year three -year three -phase privatization map.
- First phase to privatize 10 state companies.
- The cabinet approves the inclusion of 24 SOE in the program.
Islamabad: Minister of Privatization Abdul Aleem Khan on Thursday presented at the National Assembly a five-year plan (2024-29) to privatize 24 state companies (SOE) in three phases, The news reported.
The plan, presented during the time of the question in a written answer to MNA Ramesh Lal, included a complete list of entities scheduled for sale.
According to the first phase, 10 main public entities: Pakistan International Airlines (PIA), Roosevelt Hotel, Zarai Taraqiati Bank Ltd (ZTBL), Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Corporation Limited (Fesco), Corporation of Limited Supplies of Gujranwala (GEPCO), Pakistan Engineering Company. (FWBL) – It will be privatized.
Under the Second Phase, Spanning One To Three Years, 13 Additional Entities-State Life Insurance Corporation, Utility Stores Corporation, Four Generation Companies (Gencos) Including Jamscor (CPGCL) -Genco-II, Northern Power Generation Company Ltd (NPGCL) -Genco-III, Lakhra Power Generation Company Ltd (LPGCL) -Genco IV, and six more discos (MEPCO), Hazara Electric Supply Corporation (Hazco), Hyderabad Electric Supply Corporation (Hesco), Peshawar Electric Supply Corporation (Pesco) and Sukkur Electric Supply Corporation (SECPCO) -It will be privatized.
The final phase, which covers three to five years, includes the privatization of the postal life insurance company.
The written response stated that the Cabinet Privatization Committee (CCOP) at its meeting held on August 2, 2024, had approved the inclusion of 24 commercial state-owned commercial companies (SOE) in the Privatization Program 2024-29 and was also ratified by the federal cabinet on August 13, 2024.
In a written answer to a question, the Minister of Commerce, Jam Kamal Khan, presented the details of the interest of the United States to invest in mines and minerals, including copper.
While the US administration has imposed 50% tariffs on the importation of copper, iron, steel and aluminum, refined copper has been exempt from the 50% rate. Then, in the current scenario, it will be more advantageous to export value -added (refining) copper to the US market.
In another written response, Federal Minister Jam Kamal Khan revealed that the State’s life insurance corporation had stopped providing health insurance in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB), due to the interruption of federal financing for the two regions.
Speaking in the Chamber during the time of the question, the Minister of State for Finance, Bilal Azhar Kayani, told the National Assembly that the Government will further reduce energy tariffs, which will reduce supplies costs for exporters.
To a question about inflation, Azhar said that the government had adopted a multidimensional strategy to stop inflation. A written response mentioned recent inflation for July of the fiscal year 2016 was 4.1% compared to 11.1% the same month last year.
Meanwhile, the Chamber witnessed a heated session when President Ayaz Sadiq expressed a strong disgust for the persistent lack of response from the Ministry of Finance and Ministry of Planning and Development to parliamentary consultations.
The problem arose when ‘answer not received’ was sent to a question asked by MNA Syed Rafiullah and another by Ali Muhammad Khan. President Ayaz immediately summoned the Secretary Finance, stating that if necessary, he would also summon the Governor of the State Bank.
“Parliament is being treated with total contempt, this is unacceptable,” said the speaker in a severe ruling. In a protest signal, the speaker ordered the Secretary Finance to leave the officers’ lobby and declared that the continuous non -bureaucratic cooperation would no longer be tolerated. He also ordered the president of the Finance Committee to guarantee the appearance of the Secretary of Finance and the Governor of the State Bank.
Ayaz also lashed out at the Ministry of Planning on delayed answers to parliamentary questions. The State Minister Armaghan Subhani explained that the response of the provinces was pending, which led the speaker to convene the planning of the secretary. “Does a question take a question?” He asked, rejecting the request of the Minister of State for another week.
The law minister, Azam Nazeer Tarar, offered an unconditional apology on behalf of the absent federal secretaries.
