Cabinet Committee Approves 24 Entities for Privatization

The Cabinet Committee on Privatization (CCOP) has approved 24 state-owned entities for the Privatization Programme 2024-29.

Prioritizing Strategic and Essential SOEs

Chaired by Deputy Prime Minister Ishaq Dar, the CCOP decided to prioritize reducing the federal footprint in commercial space and limit it to strategic and essential SOEs only.

Phased Privatization Programme

The Ministry of Privatization presented a phased privatization program, recommending the inclusion of 84 SOEs in the federal footprint.

Inclusion of Profitable SOEs

The CCOP emphasized that even profitable SOEs will be considered for privatization.

Transfer of OGDCL Shares

The committee considered transferring shares of Oil and Gas Development Company Limited (OGDCL) to a sovereign wealth fund or the Ministry of Energy.

Budget Approval

The CCOP approved the Privatization Commission’s budget estimates for 2024-25, amounting to Rs. 8,169 million.

Privatization of Power Division Entities

Earlier, the federal cabinet approved the privatization of 13 entities under Pakistan’s Power Division, including nine power distribution companies and power generation companies (GENCOs).

Exclusions

Quetta Electric Supply Company and Tribal Electric Supply Company were excluded from the privatization list.

Next Steps

The CCOP will review the categorization of SOEs and consider additional entities for privatization.

Also Read: PM Shehbaz Sharif Directs Early Construction of Jinnah Medical Complex