PM Shehbaz Urges Accelerated Privatization of PIA & PSM

Islamabad: Prime Minister Shehbaz Sharif has instructed relevant officials to expedite the privatization process of Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), and other financially struggling state-owned institutions.

Chairing a high-level meeting in Islamabad to assess the progress of the privatization process, PM Shehbaz also called for immediate measures to strengthen the capabilities of the institutions overseeing privatization efforts. This, he stated, would aid in revitalizing the economy and hastening the delivery of assistance to the public.

The meeting focused on reviewing the progress and challenges in privatizing various state-owned enterprises, including PIA, First Women Bank, Roosevelt Hotel, Heavy Electrical Complex, power plants, power distribution companies, and Pakistan Steel Mills Corporation.

Additionally, a committee was formed during the meeting to explore the possibility of transferring power-related businesses to the provinces. The committee has been tasked with presenting recommendations to the prime minister.

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PM Shehbaz highlighted the significant financial burden placed on the Pakistani people due to the continued operation of loss-making businesses. He stressed the importance of fostering a competitive environment to accelerate economic activities and enhance services for the public.

Furthermore, PM Shehbaz encouraged ministries, departments, and institutions to present ideas that reflect professionalism and dedication, emphasizing their crucial role in Pakistan’s development.