ISLAMABAD, May 20: President Pervez Musharraf has emphasized the importance of privatization as a reform programme and directed that for the continuity of the process, a long-term vision and strategy should be developed by the Ministry of Privatization and present it to the cabinet in the next 6-8 weeks time.

The President chaired a high-level meeting here on Monday to review the privatization programme and discuss issues in the key upcoming transactions.

He reiterated the government’s commitment to the liberalization, and privatisation programme in the key economic sectors, including oil and gas, telecom, banking and capital markets.

Privatization Minister Altaf Saleem gave a brief overview of the privatization programme and identified the forthcoming coming main transactions. The meeting expressed satisfaction over the progress on the privatization programme.

It was informed that with the recent bidding of Pak Saudi Fertilizers and the government’s working interests in the oil and gas fields, so far privatization transactions totalling Rs22.5 billion had been concluded under the present government compared to Rs2.35 billion in the period 1997-1999.

The meeting was informed that many important transactions like the United Bank Limited, Pakistan State Oil, Oil and Gas Development Company Limited, Pakistan Telecommunication Company Limited, Karachi Electric Supply Corporation, and Habib Bank Limited will be brought in the market for sale in the next few months. Similarly, the privatization of Investment of Corporation Pakistan and National Investment Trust was also at an advanced stage.

Federal ministers for finance, petroleum and natural resources, commerce, secretary general finance and other senior officials attended the meeting.