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The committee was informed that the process of privatization was initiated under the Pakistan International Airlines Corporation (Conversion) Act, 2016.
This issue came under deliberation during a debate regarding a petition against regulations of Privatization Commission Ordinance 2000 and scrutiny of rule regarding valuation of property taken up by the Senate Committee on Delegated Legislation on Tuesday.
By the small privatization method, 278 companies were privatized, 356 companies were privatized by the large privatization tender, and the remaining state capital in three companies was privatized through the stock exchange.
Minister for Privatization Daniyal Aziz informed the meeting that the Privatization Commission was currently working on the privatization of Small and Medium Enterprises Bank, Mari Petroleum Company Limited, PSM and PIA.
The Minister for Privatization said that the economy is burdened with over Rs 600 billion annually owing to losses of some of the leading state owned companies therefore, the government had to privatize them to save the losses.
In February, the Privatization Council also green-lighted the disposition of about P658 million worth of so-called Hawaii Jewelry that belonged to former first lady Imelda Marcos.
He explains that the Supervisory Board of the Privatization Agency will decide on whether the Central Depository AD should be included in the privatization program on the basis of the stances of two entities, the Financial Supervision Commission and DANS.
Public-private engagement in state governance happens on a spectrum, at the extreme end of which is total transfer of ownership of enterprise, or public property from government to the private sector, which is what privatization entails.
The fresh wave of privatization will render several thousands of workers jobless and create massive unemployment in the country.
Finance Minister Mehmet E[currency]imE-ek said at a meeting in Ankara on Monday that there is no favoring of investors who are regarded as being close to the government in public privatization tenders.
Privatization has been adopted and evaluated differently in various developing countries.