Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to adopt an effective and comprehensive strategy to ensure the participation of world-class investors in the privatization of power distribution companies (DISCOs).
Chairing a review meeting on the privatization of DISCOs and institutional restructuring of the Privatization Commission, he sought the completion of ongoing institutional reforms and restructuring within one month. Expressing satisfaction about successful roadshows aimed at attracting investor participation in the privatization process, he said all stages of the privatization should be completed within the stipulated timeframe, in accordance with established rules and international best practices, ensuring maximum value.
Sharif also instructed strengthening of the Privatization Commission’s workforce by recruiting internationally qualified experts in finance, law, and information technology. He said a world-class workforce and expert professionals would enhance the commission’s institutional capacity and facilitate greater investment in state-owned enterprises.
He further directed the inclusion of recommendations from consultants with the highest level of professional expertise throughout the privatization process, adding all necessary legal arrangements and required financial regulatory framework should be completed promptly to facilitate the process.
Sharif emphasized that consumer interests must remain the foremost priority during the privatization process. He also directed a comprehensive and effective mechanism for addressing consumer complaints in the privatized entities.
During the meeting, the Privatization Commission informed participants about the measures taken so far to complete the first phase of the sale of DISCOs. The meeting was also informed of progress regarding the recruitment of highly qualified professionals as part of the commission’s institutional restructuring. According to the briefing, roadshows aimed at attracting investors for the first phase of the privatization of GEPCO, FESCO, and IESCO had been completed both within Pakistan and abroad. They claimed such activities in Turkiye, Saudi Arabia, and China had yielded encouraging results in support of the privatization initiative.