Pakistan government to privatise several institutions
The cash-strapped federal government of Pakistan would prioritise privatising multiple institutions, and their second option is to shut them down if privatisation fails, ARY News reported citing sources.
According to ARY News, Pakistan’s Prime Minister Shehbaz Sharif directed the Ministry of Privatisation and Industry to oversee the privatisation process.
The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.
Other institutions slated for privatisation include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry, the Gujranwala Business Center Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company.
On August 30, Privatisation Commission Secretary Usman Akhtar Bajwa told Senate Standing Committee on Privatisation that the privatisation process of the debt-ridden Pakistan International Airlines (PIA) will be completed by October 1, Dawn reported.Bajwa said that the PIA’s deficit had reached PKR (Pakistani Rupees) 500 billion, Dawn reported. (ANI)
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