Last updated on March 8th, 2019 at 12:10 pm
The federal government decided to privatize 48 institutions including PIA and Steel Mill in 5 years.
The meeting of the National Assembly Standing Committee for Privatization was held under the chairmanship of Syed Mustafa Mahmood, in which the Secretary-in-law Rizwan Malik briefed the committee on the privatization program.
Secretary presented the PTI Government’s Privatization Program in front of the committee, under which the government has decided to sell 48 companies in 5 years.
Secretary Privatization said 7 companies will be sold in one and a half years, LNG’s 2 power plants will be sold in the first phase, will also be privatized by Haveli Bahadur Shah and Balak Power plants.
Rizwan Malik said in the briefing that privatization will be made in the first phase of Women’s Bank, SME Bank, Jinnah Convention Center, Lahore International Airport, Mari and Lakhra, while the other 41 institutions will be sold in 3 to 5 years in the second phase.
Secretary of Privatization Commission said that there are talks with China and Russia for buying Pakistan Steel Mill, these companies are from China and Russia, the new investor wants to increase the capacity of Pakistan Steel to 3.5 million tonnes annually.
Pakistan Steel will be sold on Public-Private Partnership, due to the closure of Pakistan Steel, the Government is getting a loss of Rs 400 million a month.
According to the Secretary of the Privatization Commission, the five government companies were privatized in the last five years of PMLN Government. In 2013 to 2018, 5 institutions were sold in 173 billion rupees.
In the PPP Government, the one institute was Privatized. In the Government of 2002-2007 38 Institutions were Privatized and these were sold for 377 Billion rupees.
Rizwan Malik said that losses of PIA and Pakistan Steel have reached 600 billion rupees, PIA damages are up to 400 billion rupees while Pakistan Steel losses have exceeded 200 billion rupees. He said no one will buy PIA in current situation.