Islamabad: Prime Minister Shehbaz Sharif has instructed the relevant authorities to complete all stages of the privatization programme within the specified timelines. He chaired a meeting to assess the progress of privatizing state-owned enterprises.
According to Radio Pakistan, the Prime Minister emphasized the importance of adhering to the targets and timelines set under the privatization programme. He urged the ministries and institutions involved to collaborate closely to ensure each stage is completed on time. When discussing the privatization of Zarai Taraqiati Bank Limited, he highlighted the need for a transaction structure that maintains the bank's core mission of supporting the agricultural sector. He insisted that the bank should continue to provide agricultural credit and financial resources to small and medium-sized farmers post-privatization.
The Prime Minister stressed that access to financial resources for farmers is crucial for enhancing per-acre crop yields, especially for smaller growers, as agricultural development is vital for Pakistan's economic growth and food security. The meeting revealed that 27 state-owned enterprises are included in the privatization agenda, divided into three phases.
It was noted that the financial closing process for the privatization of Pakistan International Airlines and the First Women Bank has been completed, with PIA's financial closing and management control transfer finalized on June 29 this year.
Progress on the privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO) was also reviewed. Expressions of Interest for these companies have been solicited, with submission deadlines for prospective investors set for August 7 for FESCO, August 21 for GEPCO, and September 7 for IESCO.
The meeting was informed of international interest in these power distribution companies and ongoing roadshows for potential investors. Additionally, the Prime Minister was briefed on the progress of privatizing Zarai Taraqiati Bank Limited, with the transaction structure being designed to protect its agricultural lending mission.
The meeting also evaluated the privatization progress of Islamabad International Airport, Jinnah International Airport in Karachi, and Allama Iqbal International Airport in Lahore. The Prime Minister instructed continuous monitoring of all privatization initiatives to ensure timely achievement of targets.