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Islamabad, May 20, 2002
President General Pervez Musharraf chaired a meeting to review the Privatisation Program and discuss issues in the key upcoming transactions here today. The President reiterated the Government's commitment to the liberalization and privatisation of key economic sectors, including oil & gas, telecom, banking and capital markets.
Minister for Privatisation, Mr. Altaf M. Saleem, gave a brief overview of the Privatisation Program and identified key upcoming transactions. Many landmark transactions including United Bank Limited, Pakistan State Oil Company, Oil and Gas Development Company, Pakistan Telecommunication Company Limited, Karachi Electric Supply Company and Habib Bank Limited will be brought to the market / point of sale in the next few months. Privatisations of Investment Corporation of Pakistan and National Investment Trust are also at advanced stages.
Federal Ministers for Finance, Petroleum & Natural Resources, and Commerce, Secretary General Finance and other senior officials attended the meeting. Satisfaction was expressed over the progress of the Privatisation Program With the recent bidding of Pak Saudi Fertilizer and Government's working interests in the oil & gas fields, privatisation transactions totaling Rs.22.5 billion had been concluded under the present Government as compared to Rs.2.35 billion in the period from 1997-1999.
The President emphasized the importance of privatisation as a reform program and directed that for the continuity of the process, a long term vision and strategy may be developed by the Ministry of Privatisation and presented to the Cabinet in the next 6 to 8 weeks.