By our correspondent
ISLAMABAD: Prime Minister Shehbaz Sharif had directed authorities to adopt a comprehensive strategy to attract world-class investors for the privatization of electricity distribution companies, saying the process should be completed on the basis of transparency, efficiency and consumer protection.
The prime minister issued the instructions while chairing a review meeting on the privatization of power distribution companies and the restructuring of the Privatization Commission in Islamabad on Wednesday.
He said the ongoing institutional reforms in the Privatization Commission should be completed within one month. He described the successful domestic and international roadshows held to attract investors as encouraging and said all stages of the DISCO privatization process must be completed within the given timelines and according to established rules.
The government had been pursuing the privatization of electricity distribution companies as part of wider economic reforms aimed at improving efficiency in the power sector and reducing losses. The prime minister said the process should be carried out in a profitable manner while keeping the interests of consumers as a top priority.
He stressed the need to strengthen the capacity of the Privatization Commission by including internationally recognized experts in finance, law and information technology. He said a skilled and professional workforce would help ensure better decision-making and improve investor confidence.
The prime minister also directed officials to complete all necessary legal arrangements and financial regulatory frameworks required for the privatization process. He said a strong administrative system should be established in the relevant institutions to address consumer complaints after the completion of the reforms.
The meeting was informed that investor outreach programs had been completed for the first phase of privatization involving Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO) and Islamabad Electric Supply Company (IESCO). Officials said roadshows held in Turkey, Saudi Arabia and China had produced encouraging responses from potential investors.
The meeting was attended by Federal Minister for Energy Sardar Awais Ahmad Khan Leghari, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information Technology Shaza Fatima Khawaja, Prime Minister’s Adviser on Privatisation Muhammad Ali and senior officials from relevant institutions.
