Islamabad: The Senate Standing Committee on Privatization, led by Chairman Senator Muhammad Tallal Badar, convened today at the OLD PIPS Hall, Parliament Lodges, addressing critical issues regarding the privatization of key national enterprises, including power distribution companies and Pakistan International Airlines Corporation Limited (PIACL).

According to Senate of Pakistan, the session highlighted significant challenges and setbacks in the privatization processes, particularly the failed attempts to privatize Faisalabad Electric Supply Company (FESCO) and the ongoing concerns with PIACL. Chairman Badar expressed frustration over the absence of the Minister and critical members which he felt hindered the discussion on vital national interests.

The meeting brought to light the complications in privatizing electricity distribution companies (DISCOS), with employee concerns cited as a major impediment. A significant focus was placed on FESCO, which had approached the final stages of privatization around 2016-2017 but never concluded. Chairman Badar sought clarity on the factors that derailed the privatization, emphasizing the need for transparency and accountability in addressing the financial and operational woes of the companies involved.

The Committee was briefed that approximately 250 million PKR had been spent on the privatization efforts, a figure that sparked debate about the efficacy and perception of Pakistan’s privatization initiatives on the global stage. Additionally, the Power Division consultant’s report awaited by the Committee is expected to shed more light on these issues within 20 to 25 days.

Regarding PIACL, the discussions underscored the urgency of progressing with its privatization to prevent further complications and financial strain on the country. Despite ongoing negotiations and challenges related to legacy liabilities, there was a consensus on the necessity of advancing the privatization process, with a deadline set for the end of October.

The session concluded with a resolution to hold a joint meeting of the Senate Standing Committees on Power and Privatization to delve deeper into the specifics and to strategize on overcoming the shortcomings identified in the privatization of the mentioned entities.