ISLAMABAD: The Cabinet Committee on Privatization (CCoP) has approved the reserve price for the sale of Services International Hotel as recommended by the Privatization Commission.

Federal Minister for Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting of the CCoP on Thursday. The Privatization Division presented a summary regarding the approval of a reserve price for the privatisation of the Services International Hotel, Lahore. The additional secretary briefed the Committee that all formalities were met during the valuation process. After due deliberation, the committee approved the proposed price.

The Privatization Division presented various proposals regarding rhe Award of Management Contracts for smooth running of DISCOs (distribution companies) in compliance with the earlier directive of the CCoP meeting held on January 4, 2021. The Management Contracts would improve the service delivery and thus serve the larger interest of electricity consumers in Pakistan. The Privatization Division also requested for a permission to hire a Transaction Adviser for completing the aforesaid tasks.

After a detailed discussion, the Committee directed to speed up the process of completion of prior actions pertaining to the award of Management Contracts for DISCOs and present a roadmap with firmed-up proposals within a week, after seeking requisite approval from the Privatization Commission Board. The Committee also allowed the hiring of a Transaction Adviser as permissible under the rules.

In his remarks, the finance minister stressed the need to carry forward the process of privatisation on a fast-track basis. Time is of the essence in undertaking a well-structured privatisation activity to bring in competitive efficiency, improve service delivery and enhance customer satisfaction, he said. Privatisation will diversify sources of income for the government, generate employment opportunities, and contribute towards overall economic growth and development, he added.

The Privatization Division also submitted a compliance report on the implementation status of Public Sector Enterprises (PSE) in Real Estate, Industries, Banking and Finance, Energy and other sectors which are on the active Privatization List.

The committee reiterated the firm commitment of the government in spearheading the privatisation process with transparency and fairness in consultation with stakeholders.

The finance minister urged to observe the timelines and carry forward the whole process expeditiously.

Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Planning and Development Asad Umar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, Special Assistant to the Prime Minister (SAPM) on Revenue Dr Waqar Masood and SAPM on Power Tabish Gauhar attended the meeting.


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