Islamabad: In a significant move to enhance the efficiency of state-owned enterprises, Federal Minister for Privatization Abdul Aleem Khan outlined a detailed privatization strategy during a briefing session with senior journalists in Islamabad. The session focused on the government’s transparent approach to selling major assets, including PIACL and the Roosevelt Hotel.
According to Privatisation Commission, Minister Khan emphasized the government’s commitment to ensuring transparency in the privatization processes, announcing that all bidding activities would be broadcast live. This initiative is part of a broader effort to foster public trust and accountability in how the government handles the privatization of key public assets.
During the briefing, updates were provided on several high-profile transactions, including those involving the Pakistan International Airlines (PIA), the historic Roosevelt Hotel in New York, House Building Finance Corporation (HBFC), and the First Women Bank. The minister highlighted PIA’s profitability potential, noting that with the right investment, the airline could significantly boost its financial performance.
The session also addressed the privatization of various Distribution Companies (DISCOs) within the power sector. The minister revealed plans for a long-term concession for three entities—HESCO, PESCO, and SEPCO—while announcing complete privatization plans for six others, including IESCO and FESCO. These actions are set to unfold in consultation with the Power Division, aiming to improve service delivery and operational efficiency.
The transparency measures and strategic divestments are designed to alleviate financial burdens from delayed privatizations that, as per Minister Khan, have cost the government billions in losses. These efforts reflect a crucial step towards restructuring Pakistan’s public sector under a framework that promises greater efficiency and financial stability.