ISLAMABAD, Aug 05 (Alliance News): Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to adopt a comprehensive strategy to attract world-class investors for the privatization of power distribution companies (DISCOs) and ordered the completion of institutional reforms in the Privatization Commission of Pakistan within one month.
Chairing a review meeting on the privatization of DISCOs and the restructuring of the Privatization Commission, the prime minister expressed satisfaction over successful investor roadshows held in Pakistan and abroad to generate interest in the privatization process.
He directed authorities to complete all stages of the first phase of DISCO privatization within the stipulated timeframe, in accordance with established rules and international best practices, while ensuring maximum value for the state.
Shehbaz Sharif instructed the Privatization Commission to strengthen its institutional capacity by recruiting internationally qualified experts in finance, law and information technology.
He said the induction of world-class professionals would improve the Commission’s performance and help attract greater domestic and foreign investment in state-owned enterprises.
The prime minister also directed that recommendations from internationally recognized consultants be incorporated throughout the privatization process and instructed authorities to complete all legal and financial regulatory requirements without delay.
Emphasizing the protection of public interests, he said consumers’ rights must remain the foremost priority during privatization and called for the establishment of an effective mechanism to address consumer complaints in privatized entities.
During the meeting, the Privatization Commission briefed participants on progress made in the first phase of the privatization of Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO) and Islamabad Electric Supply Company (IESCO).
Officials informed the meeting that investor roadshows conducted in Pakistan, Türkiye, Saudi Arabia and China had received an encouraging response from potential investors.
The meeting was attended by Federal Minister for Energy Sardar Awais Ahmed Khan Leghari, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information Technology Shaza Fatima Khawaja, Prime Minister’s Adviser on Privatization Muhammad Ali, and senior government officials.
