News update: – 31st January 2020, according to the recent press conference statement given by Privatization Minister Mohammad Mian Soomro and the Secretary of the Privatization Commission Rizwan Malik.
The Laws and court guidelines of the Public Obtaining Regulatory Authority (PPRA) will be engaging into account in the privatization process, according to Prime Minister Imran Khan’s vision 2018.
Furthermore, the strategic cell has been made for the Pakistan steel mill privatization sector’s exertion for the country after a period of 10 years.
Moreover, the expected amount which the Pakistan government will obtain is RS. 150 billion of the non-tax returns from the privatization of six public sector units (PSE) with losses before June 30th, 2020.
In addition, Mr. Soomro said that the world-known corporations is showing thoughtful interest in restoration and participating in the privatization process. As several republics such as Japan, Thailand, Korea, and Malaysia are interested in investing.
Subsequently, the Pakistan administration also planned to sell around 27 public real estate belongings that will be put up for auction within two months.
Moreover, the government will initially privatize those state units which are suffering from losses and in the second phase of the plan restoration these units will be reorganized through a public-private partnership.
While the Pakistan Steel Mills is slowing becoming a profitable institution once again and that the process for its privatization will be completed by the end of the year. Plus, the legal advisor for Pakistan Steel Mills has also been selected for betterment of PSM.
Additionally, Mr. Soomoro said that the process of this privatization is going slow but the government of Pakistan is trying to work as quickly as possible to make this happen. This year at least six establishments will be privatized.