Islamabad: The Standing Committee on Privatization convened its eighth meeting to deliberate on the ongoing restructuring of the Utility Stores Corporation (USC) and other privatization efforts. Under the leadership of Chairman Muhammad Farooq Sattar, the committee gathered at the Ministry of Privatization to review the implementation status of previous recommendations and consider future actions.

During the meeting, a representative from the USC presented the current status of the corporation’s restructuring efforts. Notably, 1,203 utility stores have been closed, resulting in the layoff of 2,237 employees. The USC now plans to operate 1,500 stores on a commercial basis. The committee raised questions about the prioritization of USC’s commercial operations and requested further clarification from the Ministry of Privatization.

In response, the Ministry of Privatization promised a detailed presentation at the next meeting, explaining that the decision would be based on government policy, with profitable entities potentially subject to privatization. The committee recommended a thorough review of the privatization decision to safeguard national interests and protect employees and their families.

The meeting also reviewed the Privatization Commission (Amendment) Bill, 2024. After a briefing from the Ministry of Law, the committee requested precedents to be presented in the next session, postponing the bill’s consideration.

Discussions extended to the privatization of HESCO, PESCO, and FESCO, with terms and conditions still under review. The privatization process is expected to commence by the end of May, with the power division setting a deadline for September or October 2025. Concerns were raised regarding board member appointments, with the committee emphasizing the need for competency.

The committee also addressed the Postal Life Insurance Company Limited’s financial demands and directed the Ministry of Finance to clarify fund status, ensuring policyholders’ protection.

Regarding the Pakistan Engineering Company (PECO), the committee granted three more months to resolve outstanding issues and suggested that leadership appointments should reflect majority shareholder interests rather than government nominees.

Finally, the committee reviewed a report on the decline of PIACL, presented by Ms. Sehar Kamran. The discussion on this report was deferred until the next meeting.

The meeting was attended by several members of the National Assembly and officials from the Ministry of Privatization.