**Standing Committee on Privatization Approves Key Funding and Advances Privatization Initiatives**
The Standing Committee on Privatization convened its 10th session at Parliament House in Islamabad, chaired by Mr. Muhammad Farooq Sattar, to discuss significant developments in privatization and public sector funding initiatives. The committee approved government financial backing for Postal Life Insurance Company Limited (PLICL) and took important steps forward in the privatization process of Pakistan International Airlines Corporation Limited (PIACL).
During the meeting, representatives from the Ministry of Finance informed the committee that PKR 3 billion has been approved for PLICL, with an additional PKR 3 billion allocated for disbursement in the third and fourth quarters of the current financial year, based on the committee’s directives. This funding aims to strengthen PLICL’s financial position as part of broader restructuring and privatization measures.
The committee also received an update on the privatization of PIACL. It was announced that the pre-qualification committee has shortlisted four parties for the next stage of the process. These include consortia led by major Pakistani corporate entities: the first is composed of Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited; the second includes Arif Habib Corporation Limited, Fatima Fertilizers Company Limited, The City School (Private) Limited, and Lake City Holdings (Private) Limited. In addition, Fauji Fertilizer Company Limited and Air Blue have also been shortlisted. All four parties will be granted access to PIACL’s virtual data room to facilitate their due diligence.
In another significant move, the committee passed the Privatization Commission (Amendment) Bill, 2024, by a majority vote, underscoring the government’s commitment to reforming the privatization framework.
The meeting was attended by several Members of the National Assembly, including Mr. Anwar Ul Haq Chaudhary, Mr. Chaudhry Mehmood Bashir Virk, Mr. Abdul Qadir Khan, Ms. Saba Sadiq, Mr. Nazir Ahmed Bhugio, Mr. Nauman Islam Shaikh, Ms. Sehar Kamran, Mr. Arshad Abdullah Vohra, Mr. Sanjay Pirwani, Mr. Muhamad Saad Ullah, Mr. Mehboob Shah, Mr. Zulfiqar Ali, and Mr. Moulana Abdul Ghafoor Haideri, as well as officials from the Ministry of Finance.
These decisions mark substantive progress in the government’s efforts to reform and privatize public sector entities, aiming to improve efficiency and attract private investment.
