ISLAMABAD, Nov 4: The government expects to raise $2 billion to $3 billion from the sale of state-owned entities like the National Power Construction Company, Jamshoro Power Company, Faisalabad Electric Supply Company, Heavy Electrical Complex, and the Qadirpur gas field.

Unveiling the privatisation plan on Tuesday, Privatisation Minister Naveed Qamar termed it the ‘cornerstone’ of the economic agenda to generate funds for bridging the balance of payment gap.

The policy, discussed at a meeting of the Privatisation Commission, would focus on encouraging private sector’s role and minimising government intervention in state-owned entities.

An official told Dawn that the meeting decided to submit a summary to the cabinet committee on privatisation for privatising the Small and Medium Enterprise Bank. The committee is headed by Prime Minister Yousuf Raza Gilani.

The official said that recommendations about various other ongoing and upcoming sales would also be submitted to the committee.

“The privatisation of public-sector entities will remain cornerstone of the government’s economic agenda,” Mr Qamar said, adding that the private sector had the “capability, expertise and resources to run the businesses” and the government should “only focus on policy matters”.

An official announcement said that the minister directed the Privatisation Commission to exercise “utmost transparency”, while processing the transactions at different levels.

The privatisation process “brings efficiency, enhances production, attracts fresh investment, creates new job opportunities, and generates (additional) revenue”, he said.

The meeting also finalised the bidding schedule for the privatisation of the National Power Construction Company (NPCC) and formulated recommendations for the approval of the CCOP.

Pak Elektron Limited (PEL), ICC (Pvt) Ltd, Al-Tuwariqi Steel Mills, Karachi, Saudi Cable Company Ltd, KSA, JS PE Management, Karachi, Alfanar Construction Company, KSA, and Zad Investment Company, KSA, have nearly completed the required process.

The government will also expedite the process for the sale of 26 Pakistan Tourism Development Corporation (PTDC) motels and restaurants.