”Expanding non-tax revenue is currently the top priority of the government” – PM Imran Khan
He further added that privatizing the institutions that have been in loss is not the only motive of the government.
Islamabad: The cabinet committee has directed to accelerate PIA Investment Limited and CME Bank Limited this Friday.
Just yesterday, Imran Khan, Prime Minister of Pakistan, checked on the pace of privatization and pointed it out that expanding non-tax revenue is currently the priority of the government.
According to the PM, the objective of privatization is to save losses to the national treasure as well as pass on the responsibilities of every entity owned by the state to competent hands with the goal that their potential could be managed.
He further added that privatizing the institutions that have been in loss is not the only motive of the government. Protecting the national treasure as well as running these entities successfully to achieve fruitful results and their contribution to the economy of the state is the real idea behind privatization.
Privatization will eventually lead to a significant increase in the non-tax revenue:
The early completion of the entire process of privatization will eventually lead to a significant increase in the non-tax revenue of the country, he added. It is something that will contribute to ongoing projects of public welfare in education and health.
Moreover, Prime Minister Imran Khan directed the PC secretary to expedite the process of privatization of all listed companies in the given time.
Apart from that, Rizwan Malik, privatization secretary, told the Prime Minister that privatization of several state-owned institutions is almost done and is worth billions of rupees. These state-owned entities include SME Bank, Jinnah Convention Centre, Balloki Power Plant, and Bahadur Shah Power Plant.
He also informed the PM about the privatization of First Women Bank Limited, State Life Insurance, and Guddu Power Plant that the process has been started.
Furthermore, CCoP (Cabinet Committee of Pakistan) in a recent gathering agreed to a particular structure of transaction for SME Bank’s privatization and ordered the PC secretary to accelerate the pace of work for PIA’s privatization meanwhile refusing a proposition of the EERA (Earthquake Reconstruction and Rehabilitation Authority) to concede selling its property.
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