Islamabad: In a series of high-level meetings, led by Federal Minister for Privatization Abdul Aleem Khan, significant strides were made toward advancing the privatization agenda for key state institutions, including the House Building Finance Corporation (HBFC). These discussions focused on ensuring a transparent and inclusive process involving all relevant stakeholders.
According to Privatisation Commission, Minister Khan presided over the 220th meeting of the Privatization Commission Board, where it was decided to keep stakeholders fully engaged in the privatization processes. He emphasized the necessity of the Privatization Commission to achieve financial independence and to enhance its resources, reducing reliance on federal funding.
The meetings also addressed the urgency of privatizing the Pakistan International Airlines (PIA), with directives issued to avoid further delays and to expedite the remaining procedural steps. Additionally, a joint meeting with Finance Minister Muhammad Aurangzeb and Law Minister Azam Nazir Tarrar reviewed progress on the privatization of HBFC, agreeing to prioritize the protection of employees’ rights throughout the transition.
Further discussions during these sessions included the technical and legal facets of HBFC’s privatization, with a negotiation session conducted with a business group interested in acquiring the corporation. The ministers also directed that all privatization proposals be made public in the presence of media to ensure transparency and to eliminate any concerns regarding the fairness of the process.
Earlier discussions in the board meeting also touched upon ongoing communications with various departments, including Finance, Law, and Aviation, to ensure coordinated efforts. The appointment of a Financial Advisor for the Roosevelt Hotel and other privatization projects was also discussed, with advertisements already placed in international media to attract global expertise.
This sequence of meetings underscores a robust commitment to reforming and revitalizing Pakistan’s public sector through strategic privatizations aimed at boosting efficiency and injecting dynamism into the economy.