Transparent privatization of bleeding PSEs top priority of Govt: Zubair

ISLAMABAD: Minister of State and Chairman Privatization Commission, Muhammad Zubair here on Wednesday reaffirmed the government resolve for keeping transparency in privatization process of loss making public sector enterprizes (PSEs) for turning them into a profit making entities for economic development of the country.

Addressing a-day long seminar on “Transparency in public sector: an appraisal”, the minister said that Cabinet Committee on Privatization (CCOP) had approved the privatization of 69 loss making organization which were incurring losses of Rs. 500 billion to national exchequer per annum.

The event was organized by the Ministry of Information, Broadcasting and National Heritage with an aim to highlight the transparency and integrity in public sector organizations.

Chairman Privatization Commission said that the objectives of the privatization of loss making PSEs were to turn these enterprises as profit oriented organization by improving their service deliveries and efficiencies.

In order to ensure transparency, all stakeholder including relevant ministries, regulators and management were also included in privatization process, he added.

He informed that Privatization Commission has so far completed privatization of about 8 loss making enterprises by adopting a sophisticated mechanism and transparency.

He said that about 25 other public sector enterprises which were running on loss were also on the active list of privatization in order to plug the leakage of national money.

Muhammad Zubair said that to further ensuring transparency and integrity, a 14 members board was also formed and member of the board were comprising on professionals of corporate sector.

Besides, he said the Privatization Commission was also seeking suggestion from individuals and all political parties for further making the process more transparent and vibrant.

He further said that 40 percent government’s shares in Habib Bank limited were successfully privatized and got proceedings of US$ 1 billion.

The minister said that government was also negotiating with all stakeholder to seek strategic partners for Pakistan International Airlines (PIA) for improving services of the national flag carrier airline and improving its financial health as well.

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