58 Entities approved by CCI for Privatisation Program-BESOS Empowers Workers for having stakes in Entities

58 ENTITIES APPROVED BY CCI FOR PRIVATISATION PROGRAM
BESOS EMPOWERS WORKERS FOR HAVING STAKES IN ENTITIES

Islamabad, March 2, 2010

The Privatisation Program includes 58 State Owned Entities duly approved by Council of Common Interests (CCI). Among these 23 entities are on the active agenda and are being dealt on fast track basis. Mr. Shahab Khawaja Federal Secretary Ministry of Privatisation stated here today while addressing a group of senior civil officers participating in the 92nd National Management Course.

He said that realizing the responsibility; the government has established regulatory bodies like OGRA, NEPRA and PEMRA in order to establish such mechanism, which could stop the monopolization. In this regard the role of Competitive Commission has become very important and it has become very aggressive while courts have also started intervening to discourage the monopolies, he added.

Elucidating the salient features of Benazir Employees Stock Option Scheme (BESOS), Mr. Shahab Khawaja said that it empower the employees for having stakes in the respective entities and to work harder for the growth and progress of their companies. 500,000 employees of 80 entities were being given 12 % of GoP shares free of cost and would also get share in the dividend, he further informed.

Earlier, briefing the officers on the Role of Privatisation, Agha Waqar Javed Advisor Privatisation Commission that the Government's policy of privatisation is predicated on the principle of reducing direct participation in commercial activities. With privatisation the Government’s role will shift from engaging into commercial activity to regulation and to ensure equity and economic justice, he said.

He further stated that Privatisation essentially helped the economy to move from State control to private control, Financial repression to financial liberalization, Monopolistic or oligopolistic markets to competitive markets, Rent seeking to profit seeking management practices and Inefficient state owned companies into efficient private enterprise.

All this helps in the diversion of public (monetary and human) resources towards social sectors like health, education and infrastructure. It also allows Government to concentrate on pressing issues relating to security, justice, social welfare, foreign policy and the like, he added. The session was concluded on Q & A.