Govt presents list of 29 institutions for privatisation to SIFC

SIFC privatisation

ISLAMABAD: The federal government has submitted 21 institutions for privatisation along with a comprehensive list of eight inactive institutions, to the Special Investment Facilitation Council (SIFC).

According to sources in the SIFC meeting next week, the privatisation of these twenty-nine institutions will be discussed.

Six new institutions have been added to the privatisation list, and recommendations have been made to completely shut down eight institutions. Fifteen institutions were previously also included in the list of privatisation.

Government officials stated that the total loss incurred by the eight completely inactive federal agencies exceeds Rs30 billion.

Officials further highlighted that these eight institutions had a cumulative financial size of over Rs100 billion in the past decade.

The list of privatisation includes Postal Life Insurance Company Limited, GENCO-I, Agricultural Development Bank Limited, GENCO-IV, Utility Stores Corporation, Lakhra, and Jamshoro power plants.

Morafco Industries Limited (MOIL), PACO, and Pakistan Motors Company Limited are also among the completely inactive institutions.

Pakistan Automobile Corporation, Republic Motors Limited, and Sindh Engineering Limited are classified as inactive institutions, according to officials.

Pakistan Gems and Jewellery Development is also included in this category of inactive institutions.

Pakistan’s hunting and sports arms development company is also included in inactive institutions.

Pakistan Gems and Jewellery development company suffered almost two billion in losses in the past fiscal year.

Republic Motors Limited and Sindh Engineering Limited have been included in the list of privatisation since 1992.

The Ministry of Industry and Production has attributed financial losses and instability to the federal government’s decision to abolish the union cabinet division through a notification in December 2019.

Read more: Over 100 Chinese companies in talks for investment in Pakistan

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