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Articles for tag: Experts, Government, government services, privatization, privatize, services

March 6, 2024

News Desk

Privatization of government services: experts

KARACHI: Leading international and local experts in the power, energy, infrastructure, risk management and insurance sectors have called for promoting and ensuring the privatization of all government services to address both the country’s energy and economic challenges . They said this during presentations at a conference titled: ‘Energy Summit ’24’, which focused on promoting growth, cooperation and resilience in Pakistan’s energy mix. The event, held at a local hotel in Karachi on Tuesday, was hosted by Fidelity Insurance Brokers/Lockton. They also stressed the need for staff empowerment in government departments and their privatization to effectively address energy challenges. For the

February 8, 2024

News Desk

Hesco, Gepco privatization ok

Islamabad: The Ministerial Committee on Privatization (CCoP) on Wednesday approved the transfer of the management control of the two loss-making electricity distribution companies to the private sector with the aim of limiting their losses and improving efficiency. Led by Privatization Minister Fawad Hasan Fawad, the CCoP also approved the revision of the Privatization Commission’s budget, increasing it by 175% or Rs 2.2 billion. The commission’s budget was dramatically increased during the fiscal year to make room for most of the $14.53 million, or Rs 4.3 billion, payments to financial consultants hired to privatize Pakistan International Airlines and redevelop the Roosevelt

February 4, 2024

News Desk

The government will review the privatization of LNG plants

Islamabad: The Ministerial Group has warned against the privatization of two LNG power stations, citing concerns about the current investment climate. The government’s intention to privatize these plants, established during the tenure of Pakistan Muslim League-Nawaz under an LNG contract signed with the government of Qatar, is under scrutiny. Sources reveal that the apex committee of the Special Investment Facilitation Council (SIFC) has directed the possibility of privatization of two Re-Gasified Liquefied Natural Gas (RLNG) power plants. The committee constituted a ministerial team following the directives of the apex committee to assess the possibility of privatization of Haveli Bahadur Shah

January 2, 2024

News Desk

Privatization of power plants is encouraged

Islamabad: As a significant portion of Pakistan’s government debt includes loans to the power sector, policymakers have emphasized the importance of privatizing state-owned power producers to rein in the relentless cyclical debt. They expressed serious concerns that there was a significant amount of foreign loans outstanding against the state-owned power producers (GPPs), which would have to be recovered from the payments proposed to be made to these generating companies (Gencos). Sources in the Ministry of Energy (Electricity Department) pointed out that Gencos owed a lot of debt and considering that privatization should be considered to ease the cyclical debt burden

January 1, 2024

News Desk

Privatization of PIA is not the only option

Islamabad: PIA, with cumulative losses of Rs 750 billion, is finally on its death bed. What better reflects our approach than the fact that a former bureaucrat has been tasked with overseeing his last rites as privatization minister. This is despite the fact that it has reached this stage mainly because of the unprofessional boards and bureaucrats that permeate them, although alibi for its decline is often presented externally as if PIA and balance sheets of other public sector enterprises (PSEs) are an exception ) like Pakistan Steel Mills, Pakistan Railways, PMDC, etc. they are shiny medals to be shown

December 28, 2023

News Desk

Ishaq Dar caused billions of rupees in losses by stalling privatization of SOEs, claims PML-N leader

Former minister says privatization of PIA, Steel Mills and Fesco was in final stage when Dar stopped it Finance Minister Ishaq Dar speaks during the presentation of the economic report for the financial year 2022-23, in Islamabad on June 8, 2023. — AFP Mohammad Zubair “disagrees” with Dar on privatization issues. Dar proposed to hand over Steel Mills to Sindh Govt: Ex Minister He says Dar postponed the PIA sell-off due to opposition concerns. Former Privatization Minister Muhammad Zubair held former Finance Minister Ishaq Dar responsible for causing billions of rupees in losses by stalling the privatization of loss-making public

December 23, 2023

News Desk

Government rejects taking over PIA’s Rs 263bn debt

Islamabad: The federal government has refused to absorb Pakistan International Airlines’ (PIA) debt of Rs263 billion, instead proposing to settle debts with nearly a dozen domestic commercial banks using proceeds from the airline’s privatization. Sources told The Express Tribune that the finance ministry, backed by Prime Minister Anwarul Haq Kakar, rejected the proposal to merge PIA’s Rs 263 billion debt with the national debt. The prime minister’s office did not respond to a request for comment despite repeated attempts. The decision follows the national airline’s default on debt repayments of more than 17 billion rupees to seven commercial banks by

December 17, 2023

News Desk

PC board approves rules to speed up privatization of PIA

Islamabad: The Privatization Commission (PC) board has approved new rules for the sale of state-owned entities through direct negotiations to foreign nations after determining their minimum price in a competitive process – in a move that will help expedite the sale of Pakistan International Airlines (PIA). The privatization ministry announced this week that the board approved the draft Privatization Commission (Mode of Government-to-Government Agreement – ​​Mode and Procedure) Rules, 2023. The new rules minimize the procedural requirements for the sale of any entity. Under the existing competitive track, it takes about 462 days on average to privatize an asset –

December 15, 2023

News Desk

The role of high courts in privatization is ending

Islamabad: President Dr. Arif Alvi on Thursday issued a decree ending the role of high courts in privatization matters with the aim of avoiding “unnecessary delays” in the sale of state assets and speedy resolution of disputes. The president issued the Privatization Commission (Amendment) Ordinance 2023, according to a statement released by the presidency. He added that the Privatization Commission Ordinance of 2000 had been amended from Article 28 to Article 33 through the new Ordinance. The purpose of the new decree was to eliminate unnecessary delays in privatizations, resolve issues and ensure compliance with the principles of law and

December 14, 2023

News Desk

The FM is pushing for the privatization of state-owned insurance companies

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar has advised privatization of state-owned insurance companies such as the State Life Insurance Corporation of Pakistan (SLIC) to reduce public sector dominance, attract foreign investment and provide a level playing field to the private sector to remove infiltration of insurances. which remains at less than 1% in Pakistan at present. He urged insurance companies to introduce products that provide financial security against global warming threats such as floods and droughts and called on them to invest in infrastructure projects to reduce the effects of climate change as economic uncertainty increases globally and locally.

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