Islamabad: The Standing Committee on Privatization held its ninth meeting today, chaired by Mr. Muhammad Farooq Sattar, MNA, at the Parliament House in Islamabad. The meeting focused on reviewing the privatization process and addressing ongoing issues within key sectors.

The Committee revisited its earlier recommendation to reassess the privatization of the Utility Store Corporation (USC). The Secretary of the Privatization Division confirmed that the Cabinet Committee on Privatization (CCOP) will consider these recommendations.

Representatives from the Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO) updated the Committee on the privatization progress of the distribution companies (DISCOs). Concerns were raised over unannounced and prolonged load shedding, prompting the Committee to urge a reduction in these disruptions.

The Committee expressed dissatisfaction with the lack of responsiveness from company representatives to public officials’ inquiries, demanding prioritized attention to parliamentarians’ communications.

The Ministry of Finance reported on the status of a rupees 48 billion promissory note, revealing that 14 billion rupees had been allocated to Postal Life Insurance Company Limited (PLICL) in the fiscal year 2021-22. The PLICL representative highlighted insufficient funding to meet client claims, leading to a 50% drop in clientele.

The Committee acknowledged PLICL’s concerns and recommended an allocation of 8 billion rupees by September 2025 to safeguard policyholders’ rights.

The Committee postponed the discussion on “The Privatization Commission (Amendment) Bill, 2024” to the next meeting. The session was attended by various members of the National Assembly and officials from the Ministry.