ISLAMABAD: The Finance Minister muhammad Aurangzaib has said that privatisation is the key for achieving economic stability.
The Finance Minister Muhammad Aurangzeb underscored the significance of privatisation terming it as necessary to achieve economic stability.
“You have to move towards privatisation if you want economic stability in the country,” Aurangzeb said while speaking at the Pre-Budget Conference 2024-25 in Lahore.
His remarks come as Prime Minister Shehbaz Sharif-led government has made a push for privatisation of several state-owned enterprises (SOEs) in a bid to address the burden on the exchequer and tackle the prevailing financial crunch driven by various dire economic circumstances.
The federal government’s Cabinet Committee on Privatisation (CCOP) declared as many as 24 SOEs “fit for privatisation” while seeking recommendations for denationalisation of even profitable entities as well — although the forum stressed that the focus is to remain on loss-making SOEs.
The list, obtained by abbtakk News,of SOEs recommended for privatisation which include Pakistan International Airlines (PIA), First Women Bank Limited, House Building Finance Company Limited (HBFC), Zarai Taraqiati Bank Limited, Utility Stores Corporation (USC), Pakistan Engineering Company Limited (Peco), State Life Insurance Co Limited, Sindh Engineering Limited (Sel), and Pakistan Re-Insurance Co Limited.
Moreover, government-owned power distribution companies, including Lahore Electric Supply Company Limited (Lesco), Islamabad Electric Supply Company Limited (Iesco), Multan Electric Power Company Limited (Mepco), Gujranwala Electric Power Company Limited (Gepco), Hyderabad Electric Supply Company Limited (Hesco), Peshawar Electric Supply Company Limited (Pesco), Sukkur Electric Power Company (Sepco), and other enterprises were also included in the list.
