Federal Minister for Finance and Revenue, Shaukat Tarin chairs Cabinet Committee on Privatization meeting

Islamabad, May 21, 2021 (PPI-OT): Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the Cabinet Committee on Privatization (CCoP) meeting today. Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Federal Minister for Privatization Muhammad Mian Soomro, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Adviser to the PM on Commerce Abdul Razzak Dawood, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power and Petroleum Tabish Gauhar, Federal Secretaries and other senior officers participated in the meeting.

The CCoP considered a summary presented by the Secretary, Petroleum Division titled Divestment of Government of Pakistan’s shares in PPL and OGDCL. The forum approved the proposal of the Ministry indicating that divestment of shares is not feasible at this stage and should be considered only once issues like circular debt are resolved, even partially; thereafter, strategic sale to a reputable Exploration and Development (E and P) company would be a preferred option.

The Privatization Division tabled a summary, based on a recommendation of the Privatization Commission Board, regarding provision of funds for hiring of a Financial Advisory Consortium (FAC) of international repute having pertinent experience in the technical, financial, legal and regulatory fields to conduct the transaction of DISCOs and for carrying out an effective communication strategy effectively. The Committee considered and approved the summary.

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