Pakistan Steel to be included in privatisation list next week

Published June 18, 2019
The CCOP is the only forum which can enlist public sector entities on the privatisation agenda. — Reuters/File
The CCOP is the only forum which can enlist public sector entities on the privatisation agenda. — Reuters/File

ISLAMABAD: Though the government has decided in principle to sell-off Pakistan Steel Mills (PSM), the Cabinet Committee on Privatisation (CCOP) at its meeting on Monday could not decide on enlisting the PSM on the privatisation agenda since the Ministry of Industries and Production (MoIP) failed to submit its proposal, informed sources told Dawn.

Last month, the Economic Coordination Committee (ECC) of the cabinet had approved the proposal to privatise PSM which was subsequently endorsed by the Federal Cabinet.

The CCOP is the only forum which can enlist public sector entities on the privatisation agenda.

According to sources privy to the information, the Privatisation Commission is likely to include PSM on the privatisation agenda once CCOP grants approval to the proposal. The commission is fully prepared to implement the decision, the sources added.

At Monday’s meeting, chaired by Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh, CCOP directed the MoIP to submit the proposal on PSM at its next meeting scheduled for next week.

The issue of delisting of House Building Finance Corporation Ltd (HBFC) from the privatisation agenda was also recommended to be presented in the next meeting.

The previous finance secretary had recommended the CCOP to delist HBFC from the agenda since the corporation was performing well. The current finance secretary sought time from the CCOP to review the case, and said the proposal will be submitted at the next meeting.

While presenting the report of the Task Force on Energy Reforms, Ministry of Energy briefed the committee about the challenges being faced by the distribution companies (DISCOs).

The meeting also discussed various measures recommended by the task force to improve energy sector’s performance with a focus on reduction of losses and enhancing the efficiency of DISCOs.

The CCOP also directed the Ministry of Energy officials to submit proposals aimed at accelerating closure of those power generation companies that have outlived their recommended life and incurring losses.

Published in Dawn, June 18th, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Unyielding onslaught
12 Jun, 2024

Unyielding onslaught

SEVEN soldiers paid the ultimate price in Lakki Marwat on Sunday when their vehicle was blown up in an IED attack,...
X diplomacy
Updated 12 Jun, 2024

X diplomacy

Both states can pursue adversarial policies, or come to the negotiating table and frankly discuss all outstanding issues, which can be tackled through dialogue.
Strange decisions
12 Jun, 2024

Strange decisions

THE ECP continues to wade deeper and deeper into controversy. Through its most recent decision, it had granted major...
Interest rate cut
Updated 11 Jun, 2024

Interest rate cut

The decision underscores SBP’s confidence that economic stability is gaining traction.
Rampant zealotry
11 Jun, 2024

Rampant zealotry

Decades of myopic policies pursued by the state have further aided the radicalisation of significant portions of the population.
Cricket breakdown
11 Jun, 2024

Cricket breakdown

THERE was a feeling that Pakistan had finally turned the corner in their T20 World Cup campaign. Sadly, it was only ...