Deputy Prime Minister and Foreign Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Privatization (CCoP) in Islamabad on Saturday, where progress on the privatization of three power distribution companies was reviewed.

Dar arrived in Islamabad earlier on Saturday after returning from Saudi Arabia, where he had accompanied Prime Minister Shehbaz Sharif on an official visit.

The meeting reviewed progress on the proposed privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).

The Cabinet Committee directed the Privatization Commission to complete the consultation process with the Power Division by the beginning of next week so that a decision on the privatization of the three distribution companies can be taken by the CCoP.

The committee also considered proposals for including additional institutions in the government’s privatization programme and approved the proposals of the Privatization Division with amendments.

The budget of the Privatization Commission was also presented before the meeting and approved with amendments.

The CCoP approved the annual privatization programme, while the committee also reviewed the future action plan and directed the Privatization Commission to expedite the process.

Deputy Prime Minister Ishaq Dar directed all concerned authorities to ensure coordinated and timely measures and further accelerate the privatization process.

He stressed the need to maintain progress on the government’s broader structural reform agenda and directed authorities to improve the performance and efficiency of public-sector institutions.

Ishaq Dar also called for further strengthening economic management and governance and directed the relevant authorities to ensure effective implementation of the government’s reform measures.

The meeting was attended by the Minister for Energy, Adviser on Privatization, Special Assistant, Secretary Power, Secretary Privatization Division, Secretary Privatization Commission, Secretary Commerce and Secretary Cabinet.