ISLAMABAD, Pakistan: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi Thursday informed the Senate that the Cabinet Committee on Privatization (CCoP) had approved a broad-based privatization program under which privatization of 69 units and institutions was under consideration.
“Mode of the privatization is subject to the recommendation of the Financial Adviser and approval of the CCoP, and can differ from transaction to transaction,” he said on behalf of the Finance Minister during the question-hour.
Since 2013, he said, privatizations of five units including Habib Bank Limited, United Bank Limited, Allied Bank Limited and National Power Construction Company have been accomplished.
To a supplementary question, Abbasi said the government was effective pursuing the privatization process as it was not in the business of doing business.
He said rights of employees of the privatized units were protected.
He said privatization of the Pakistan Telecommunication Company Limited was made timely; otherwise, its losses would have much higher.