Senate Body Apprised About Performance Of Planning Commission

Faizan Hashmi Published October 03, 2018 | 05:18 PM

Senate Standing Committee on Privatization here on Wednesday was informed that last government of Pakistan Muslim League (PML-N) had completed the privatization proceedings of 5 entities were completed, which raised US$ 1.124 billion.

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Oct, 2018 ) :Senate Standing Committee on Privatization here on Wednesday was informed that last government of Pakistan Muslim League (PML-N) had completed the privatization proceedings of 5 entities were completed, which raised US$ 1.124 billion.

The committee met here with Senator Mir Muhammad Yousuf Badini in the chair was also informed that 26 transactions were initiated from 2013-18, out of which 5 transaction included United Bank Limited, Pakistan Petroleum, Allied Bank Limited, Habib Bank Limited and National Power Construction Company were completed.

Secretary Privatization Commission further informed that the Finance Minister had directed to formulate a new privatization policy to revised the list and also look into the viability of privatization of these entities for making them profit oriented.

In new policy, special emphasis would be make on improving the financial health of such organization in order to attract more potential buyers to create win win situation of all the stakeholders , he added.

He said that after the policy formulation, decision of the listing and de-listing of loss making entities would be taken to initiate the privatization of loss making organizations and identifying the possible time period of the proceedings.

The Secretary Privatization informed the committee that so far 172 transaction were completed and Rs 648.9 billion were raised by the privatization of entities.

He said that proposals and suggestion of the Senate Committee would also be incorporated to make it more affective.

Meanwhile, the committee was also apprised about the working mechanism of the Planning Commission, its performance and performance of other allied departments, besides sharing the issues and challenges being faced by them.

Senators including Nauman Khan Wazir Khattak, Robina Khalid and Abida Muhammad Azeem attended the meeting.