CCOP approves 24 entities for privatization programme

Islamabad: The Cabinet Committee on Privatization (CCOP) Friday approved 24 entities for the Privatization Programme (2024-29) and decided that the inclusion of other State Owned Entities (SOEs) in the privatization programme would be taken upon completion of the review by the Cabinet Committee on State-Owned Enterprises (CCoSoEs) regarding categorization of Strategic/Essential SOEs.

After deliberating on the privatization policy guidelines, the CCOP considered 84 SOEs reflected in the federal footprint SOEs consolidated report FY2020-22 in detail in light of the SOE Act and Policy.

The meeting of the committee was held here with the Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar in the chair.

The meeting was also attended by other members of the committee including the Finance Minister, Minister for Privatization, Minister for Commerce, Minister for Power, Minister for Industries & Production, Minister of State Finance and Revenue besides Federal Secretaries of various Ministries and Division.

The CCOP was presented with a phased Privatization Programme (2024-29) by the Ministry of Privatization, based on the recommendations of the PC Board, in terms of Section 5(b) of the Privatisation Commission Ordinance 2000.

The CCOP recommended that priority should be accorded to reducing the federal footprint in commercial space and limiting it to the strategic and essential SOEs only. CCOP emphasized that even SOEs making profits would also be considered for privatization.

The entities not categorized as strategic or essential will be placed before CCOP for the decision regarding their inclusion in the Programme.

The CCOP also considered the proposal for the transfer of shares of OGDCL lying with the Privatization Commission to sovereign wealth fund or Ministry of Energy (Petroleum Division). It was decided that the status quo may be maintained for the time being.

In addition, the CCOP also granted approval for the budget estimates of the Commission for the fiscal year 2024-25, amounting to Rs. 8,169 million.

The chairman while concluding the meeting re-affirmed the government’s commitment to implementation of the Privatization Programme with transparency, efficiency and whole of government approach.

He emphasized the importance of support and cooperation from all stakeholders in the implementation of the programme.