Islamabad: Minister for Privatisation Mohammed Mian Soomro on Sunday revealed that the Finance Bill for (Fiscal Year) FY2020-21 includes the allocation of PKR 100 billion in anticipated proceedings from the privatisation of state-owned entities; as part of its ‘Non-Tax Revenue Receipts’ categorisation for (Tax Year) TY2020-21, according to news sources. This income is expected to boost the national exchequer.
The minister was chairing a high-level meeting when he made the declaration and added the privatisation commission is committed towards timely completion of this target and significant progress is being made on various entities include in the active privatisation list. He further revealed that the due diligence for various entities is proceeding towards the final stage. Also, the procurement of financial advisors is nearing ‘advance stages’ for certain entities.
Moreover, while briefing the transaction committee, Soomoro stated that the privatisation commission is working on reforms that includes a computerised track record of timelines to ensure transparency – to expedite the privatisation programme.
Additionally, the commission plans to complete the transactions for privatising the Heavy Electrical Complex (HEC), both Re-gasified Liquefied Natural Gas (RLNG) plants (Haveli Bahadar Shah and Balloki) in the second quarter of the current financial year.
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