Privatisation of SOEs: SIFC stresses need for meeting timelines

ISLAMABAD: The Apex Committee of the Special Investment Facilitation Council (SIFC) has emphasised the timely accomplishment of privatisation of various state-owned enterprises (SOEs) milestones in collaboration with relevant stakeholders.

The 10th meeting of the Apex Committee of the SIFC was chaired by Prime Minister Shehbaz Sharif and attended by the Chief of the Army Staff, federal cabinet, provincial chief ministers and senior government officials.

The ministries gave comprehensive progress on various projects and policy initiatives being steered through the platform of SIFC, and proffered plans for accomplishment of set milestones in the future. The Committee exhibited profound satisfaction on the overall progress achieved so far and appreciated the role of federal ministries, provincial governments and associated departments in realising the envisioned dividends.

The committee appreciated the facilitation provided from the platform of SIFC for improving macro-economic conditions of the country.

The committee also reviewed the progress on ongoing economic collaboration with friendly countries, appreciated the recent upsurge in trade and investment related engagements under government-to-government and business-to-business frameworks, and gave directions for an efficient follow-up mechanism to transform these commitments into tangible projects and economic dividends, at a fast pace.

The committee reviewed the progress on privatisation of SOEs, expressed satisfaction on ongoing process and urged timely accomplishment of various privatisation milestones in collaboration with relevant stakeholders.

The committee reiterated the commitment to improve the investment ecosystem, and gave directions to make it more investment friendly through sustainable policy initiatives. The chief of the army staff reassured the firm resolve of the Pakistan Army to backstop the government’s initiatives for economic prosperity of the country and socio-economic well being of its people.

In the end, the prime minister appreciated the role of SIFC and affiliated stakeholders for steering the investment and privatisation drive, in a befitting manner.

The prime minister gave directions to fast-track various initiatives through whole of the government approach, and play a constructive role towards the economic stability of the country.

While speaking to the participants, the prime minister said that Saudi Arabia and the UAE wanted to make their investment through SIFC.

He said that that he got opportunity to visit Saudi Arabia twice and also recently visited the UAE and held meeting with the delegation of other countries as well.

He said that the he got a pleasant surprise and happiness after seeing the confidence of expressed by them with regard to SIFC confidence. The SIFC achievements have given shut-up call to the opponents and SIFC is playing important role for development of the country. He said that all the provincial government are expressing confidence on SIFC.

The prime minister added that this is not a hidden secret the government is lacking capacity in terms of expertise, professionalism and highest quality inputs for which he added that some ministries have been asked to directly induct relative experts and consultants.

Shehbaz said that MacKinze has been hired for digitalisation of the Federal Board of Revenue (FBR) and government would not be paying its bill instead bill would be paid by Karandaaz. He said that Saudi Arabia has clearly stated that it was ready to invest but wants bankable feasibility with proposition of rate of return as well as risks involved.

The premier further stated that increasing exports as well as agriculture productivity and training youth as IT professionals is not difficult for an atomic country.

Shehbaz added that there are trillion of rupees mines and minerals reserves in the country but regretted that instead of benefiting from them, the country has achieved only one thing and that is fines and penalties. He said now the Reko Diq contract was awarded to exploit the reserves for which the credit goes to the SIFC. He said that the UAE has announced $10 billion investment but the delay is on the part of Pakistan and not on the part of the UAE. He said that Pakistan’s federal and provincial governments have to make preparation to bring UAE and other countries’ investment and forewarned those who would show lethargy would not be part of our team.