IMF informed about privatisation targets for this year

ISLAMABAD: The government has assured the International Monetary Fund (IMF) that it will privatise 10 public sector enterprises in 2016 and transaction of four entities will be completed by June.

According to the timeline of the privatisation plan, transaction of State Life Insurance Company (Slic), Kot Addu Power Company (Kapco), Pakistan International Airlines (PIA) and Mari Petroleum Ltd will be completed by the end of June.

The government has planned to sell 10-15 per cent of Slic shares, 40.25pc government shares in Kapco, 26pc shares of PIA and 18.39pc government shares in Mari Petroleum.

The strategic and asset sale of Pakistan Steel Mills has been planned to be completed by the end of September. Likewise, the strategic and asset sale of Faisalabad Electric Supply Company (Fesco) will be completed by end-September.

The strategic and asset sale of Northern Power Generation Company Ltd and Jamshoro Power Generation Company Ltd will be completed by the end of December.

The government has succeeded in completing the transactions of UBL, PPL, ABL, HBL and the National Power Construction Company (NPCC). The proceeds raised so far by the government amounted to $1.715 billion which includes $1.124bn in foreign exchange.

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