Caretaker PM urges faster privatisation of state-owned businesses facing losses

WEB DESK: In a significant move, caretaker Prime Minister (PM) Anwaar-ul-Haq Kakar has instructed the relevant authorities to hasten the privatisation process of state-owned enterprises (SOEs) facing financial losses.

The prime minister conveyed these directives during a meeting with Minister for Privatisation Fawad Hasan Fawad in Islamabad today. Fawad Hasan Fawad updated the prime minister on the progress made in privatising these enterprises.

PM Kakar highlighted the crucial need to privatise these loss-making enterprises promptly, underscoring that it is essential to safeguard the national exchequer from further financial setbacks.

He praised the commendable efforts of the Special Investment Facilitation Council (SIFC) in this regard.

This directive follows the caretaker premier’s previous order to expedite the privatisation process of Pakistan International Airlines (PIA), a state-owned entity facing financial challenges.

Reports had surfaced, indicating that PIA’s flight operations might be suspended by September 15 if emergency funds were not allocated.

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A senior PIA official revealed that the operational fleet had been reduced from 23 to 16 planes, resulting in the cancellation of numerous flights.

This development underscores the urgency of addressing the financial concerns of these state-owned enterprises for the benefit of the national economy.