Islamabad: Prime Minister Shehbaz Sharif has emphasized that the privatization of loss-making state-owned enterprises (SOEs) is essential for strengthening and advancing the country’s economy. He was chairing a review meeting on the privatization progress of SOEs in Islamabad today (Wednesday).

According to Radio Pakistan, the Prime Minister stated that executing the privatization process in an efficient, comprehensive, and timely manner is the government’s top priority. He directed that all legal formalities and transparency requirements must be strictly observed during the privatization of selected entities. He underscored that unauthorized occupation of valuable land owned by national institutions is unacceptable.

He also issued special instructions to exercise utmost caution while addressing land ownership issues within the privatization framework. Additionally, the Prime Minister advised setting privatization targets based on current market and economic conditions to safeguard the national exchequer from potential losses.

The Prime Minister affirmed that the Privatization Commission would be granted full legal autonomy to eliminate bureaucratic hurdles. He instructed that all decisions should be implemented effectively and without delay. Shehbaz Sharif said he will personally monitor the progress of the Privatization Commission’s work. Emphasis was placed on ensuring consultation with industry professionals and maintaining international standards throughout the privatization and restructuring process.

The Prime Minister was briefed on the progress regarding SOEs included in the 2024 privatization list. The briefing noted that the commission is proceeding with privatization in phases, keeping in view the legal, financial, and sector-specific considerations. It was conveyed that all selected entities will be privatized in accordance with the cabinet-approved program and within the stipulated timeframe. The briefing also highlighted that privatization of all entities on the list, including Pakistan International Airlines (PIA) and power distribution companies (DISCOs), will be completed in line with defined economic, institutional, and administrative goals.