Senate Standing Committee on Privatisation in its meeting has asked the ministry to present to the Committee a comprehensive index of Key Performance Indicators for the Privatisation Division and Privatisation Commission with timelines and benchmarks on yearly basis. The Committee also asked the ministry to come up with proposals of market based evaluation for the entities that are being considered for privatisation.
The meeting was held under the Chairmanship of Senator Mir Muhammad Yousaf Badini here at the Parliament House on Wednesday and was attended among others by Senator Muhammad Ayub, Senator Nauman Wazir Khattak, Senator Robina Khalid, Senator Abida Muhammad Khan, Secretary Privatisation Rizwan Malik, DG Privatisation Commission Mukhtar Paras Shah and other officials. The meeting was conducted to have a comprehensive introductory briefing on working and performance of the Ministry of Privatisation and its allied departments.
The meeting was told that the ministry has been allocated a budget of 166 million rupees for the current financial year as compared to last year’s 153.829 million rupees. From this 107.9 million are allocated for Privatisation Commission while 58.1 million are for Privatisation Division. The Committee was given details of the structural changes in the ministry over the passage of years, modes of privatisation, details of bidding processes, details of completed transactions, and future plans.
The Committee strongly recommended making the privatisation process time-bound and also ensuring transparency throughout. The ministry was asked to give information about what criteria is adopted to hire consultants and what lessons has the commission learnt from the past experiences. The Committee also asked the ministry to adopt more structural procedures to analyse viability of privatisations to carry out, look into the entities from the perspective of investors and attaining information from the core level to ascertain the problems faced in any particular state entity which is to be privatised. The Committee was told that the ministry has been directed by the government to formulate a new privatisation policy and program to be presented before Cabinet Committee on Privatisation which will be accordingly shared with the Senate Committee in near future.