The Privatization Commission (PC) Board on Thursday approved Rs. 1,248.8 million budget of the PC for the fiscal year 2023-24 (FY24).

According to a press statement, the Privatization Commission (PC) convened its latest Board meeting under the Chairmanship of Abid Hussain Bhayo. The meeting, attended by the Federal Secretary, Board members, and senior officials of the Ministry/Commission, covered several topics requiring the PC Board’s attention.

One significant agenda item entailed the presentation and subsequent approval of the Audited Accounts for the fiscal year 2013-2014. The Board expressed appreciation for the extensive deliberations carried out by the Audit Committee and PC management in finalizing the audited accounts.

The Board emphasized the importance of promptly completing the audited reports for the remaining years on priority. In addition, the Board granted approval for the budget estimates of the PC for FY24, amounting to Rs. 1248.8 million.

These estimates, categorized under various heads of expenditure, will undergo further approval by the federal government as required by PC Ordinance, 2002. Recognizing the necessity of financial sustainability in PC operations, the Board was pleased to constitute the “PC Board Investment Committee.”

This committee will oversee the investment of available funds in accordance with the parameters provided in the PC Ordinance, 2000, and the instructions of the federal government.

The meeting also included a comprehensive presentation on the current status of the privatization process for Pakistan Engineering Company Ltd (PECO). It was acknowledged that significant inherent issues have led to a temporary suspension of the transaction, with no imminent resolution in sight.

Consequently, the Board concluded that it is imperative to propose to the government that the administrative ministry take immediate actions on a priority basis to address these issues before proceeding with the privatization of PECO.

Moreover, the Board provided its approval for the recommendations put forth by the Transaction Committee concerning the House Building Finance Company Ltd. (HBFC), marking a positive advancement in the privatization process.

The Board also endorsed the organizational arrangement of the Privatization Commission, which includes conducting in-house due diligence on entities proposed for privatization to enhance the effectiveness of the transaction process. Additionally, the Commission will present meticulously researched policy proposals to the federal government, with the aim of fostering an enabling environment for the privatization of state-owned enterprises, in line with the functions outlined in the Privatization Commission Ordinance.

Source: Pro Pakistani