ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has asked the commerce ministry to fast track the evaluation of the insurance and reinsurance sector, with particular reference to State Life Insurance Corporation of Pakistan (SLIC), National Insurance Company Ltd (NICL) and Pakistan Reinsurance Company Ltd, and submit its report to the committee by March 31.

The CCoP meeting chaired by Finance Minister Asad Umar on Wednesday further asked the commerce division that the evaluation should be along with the need for regulatory framework improvements, which should precede process of privatisation.

The committee, which heard the current status and future prospects of Roosevelt Hotel in New York from senior officials of PIA, asked the national carrier’s management that the formal proposal in this regard should be finalised by June.

The Committee was informed that in pursuance of the decision, 15  public sector enterprises (PSEs) including PIA have already been delisted from the privatisation programme.

Secretary Privatisation Division shared the progress on the active privatisation list which includes National Power Parks Management Company (NPPMCL), SME Bank, divestment of government’s residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Com­pany, Jinnah Convention Centre, Islamabad, and the First Women Bank Ltd.

The Committee was informed that progress of various degrees had been achieved on the PSEs included in the list.

The Ministry of Petroleum and Natural Resources was directed to expedite the work on regulatory framework for creation of a competitive market place for gas sector.

Published in Dawn, February 14th, 2019