Prime Minister Shehbaz Sharif on Friday said the privatization of state-owned enterprises (SOEs) was a core component of the government’s broader economic reform vision, as he expressed satisfaction over the successful privatization of a 75 percent stake in Pakistan International Airlines (PIA).
According to an official statement, the prime minister was addressing a meeting of the federal cabinet, where he also extended New Year greetings and best wishes to cabinet members. He described the privatization of PIA’s majority stake as a major milestone in the government’s efforts to reform loss-making state entities.
The prime minister said that upon assuming office, the government had resolved to privatize loss-incurring SOEs, adding that PIA’s privatization marked a significant step in that direction. He reiterated that the divestment of state-owned entities formed an integral part of the government’s economic reform agenda.
Shehbaz Sharif said the notable increase in the country’s gross domestic product during the first quarter of the current fiscal year was encouraging. He added that the government had steered the economy away from the brink of default and towards stability.
The prime minister also termed his recent meeting with the president of the United Arab Emirates as highly productive in the context of bilateral relations and mutual consultation. He further referred to his telephone conversation a day earlier with Saudi Crown Prince Mohammed bin Salman, during which both sides expressed satisfaction over the pace of economic and strategic cooperation between Pakistan and Saudi Arabia.
According to the statement, the federal cabinet endorsed the decisions of the Cabinet Committee on Legislative Cases (CCLC) and ratified actions taken regarding the Islamabad Capital Territory Local Government (Amendment) Ordinance.
The cabinet also approved the decisions of the Economic Coordination Committee (ECC), including measures to provide relief to distribution company consumers in relation to the off-grid captive power plants levy.
In addition, the cabinet granted approval for the sale of gas by third parties to off-grid captive power plants and authorized the issuance of a presidential ordinance in this regard.
