The Privatization Commission (PC) Board, chaired by Abid Hussain Bhayo, convened its latest meeting to discuss various matters pertaining to the Commission’s operations. The meeting, attended by the Federal Secretary, Board members, and senior officials, resulted in the approval of the PC’s budget for the fiscal year 2023-24 (FY24), amounting to Rs. 1,248.8 million. This budget, categorized under different heads of expenditure, will be further scrutinized and approved by the federal government in compliance with the PC Ordinance of 2002.
During the meeting, one of the key agenda items was the presentation and approval of the Audited Accounts for the fiscal year 2013-2014. The Board commended the Audit Committee and PC management for their extensive deliberations in finalizing the audited accounts. Stressing the importance of timely completion, the Board urged the swift finalization of audited reports for the remaining years.
Recognizing the significance of financial sustainability in PC operations, the Board took the initiative to establish the “PC Board Investment Committee.” This committee will oversee the investment of available funds in accordance with the parameters set out in the PC Ordinance of 2000 and the instructions of the federal government, ensuring responsible and prudent financial management.
In addition to financial matters, the meeting also addressed the current status of the privatization process for Pakistan Engineering Company Ltd (PECO). It was acknowledged that inherent issues have led to a temporary suspension of the transaction, with no immediate resolution in sight. Consequently, the Board emphasized the need for the administrative ministry to take immediate action on a priority basis to address these issues before proceeding with the privatization of PECO. This step is crucial to ensure a smooth and successful privatization process.
The Board also approved the recommendations put forth by the Transaction Committee regarding the House Building Finance Company Ltd. (HBFC), marking a positive advancement in the privatization process. This endorsement signifies the Commission’s commitment to facilitating the privatization of state-owned enterprises.
Furthermore, the organizational arrangement of the Privatization Commission was endorsed during the meeting. As part of this arrangement, the Commission will conduct in-house due diligence on entities proposed for privatization, thereby enhancing the effectiveness and efficiency of the transaction process. Additionally, meticulously researched policy proposals will be presented to the federal government, aiming to create an enabling environment for the privatization of state-owned enterprises in accordance with the functions outlined in the Privatization Commission Ordinance.
In conclusion, the Privatization Commission Board’s meeting was a significant step forward in the Commission’s efforts to streamline and optimize the privatization process. With the approval of the budget for FY24 and the establishment of the PC Board Investment Committee, the Commission is well-positioned to ensure financial sustainability and responsible management of available funds. By addressing the challenges surrounding the privatization of PECO and endorsing the recommendations for HBFC, the Board demonstrates its commitment to progressing the privatization agenda. The organizational arrangement, which includes conducting in-house due diligence and proposing policy measures, will further enhance the Commission’s effectiveness in fulfilling its mandate.
