ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday called for the assistance of reputable legal experts to resolve legal hurdles hindering the privatisation process of state-owned enterprises (SOEs).

His remarks came during a meeting held to assess the task management system for overseeing the privatisation of these entities. In his statement, PM Shehbaz emphasized that the government will not tolerate institutions that waste public resources, stating, "I will not allow institutions that squander the Pakistani public's precious resources to cause further loss." He underscored that privatising SOEs is a key element of the government's newly launched 'Uraan Pakistan' initiative, which aims to streamline and revitalise the economy through efficient resource management and structural reforms.

The Prime Minister reiterated the importance of speeding up the privatisation process, ensuring transparency at every stage. He directed officials to overcome legal challenges promptly by involving expert legal advisors, thus ensuring the smooth transition of ownership of state-run enterprises. "The privatisation of designated SOEs must be expedited without compromising transparency," PM Shehbaz remarked, stressing that reforms in this sector were essential for long-term economic stability. The meeting was briefed on the progress of the privatisation initiative, particularly the task management system that has been put in place to oversee the entire process. Officials presented updates on the timelines for privatising various institutions and outlined a phased execution plan. According to the briefing, the federal government's privatisation plan will be executed in three phases: the first phase will involve the privatisation of 10 SOEs, followed by 13 in the second phase, and the remaining entities will be privatised in the third phase.

PM Shehbaz Sharif expressed his resolve to complete the privatisation of Pakistan International Airlines (PIA) within the current year, acknowledging the significance of this move in the context of broader economic reforms. He emphasized that the timely execution of these reforms is crucial to accelerating Pakistan's economic recovery, which has been hampered by inefficiencies in state-run enterprises. "The government's role is not to run businesses but to create policy measures and facilitate opportunities for trade and investment," the Prime Minister added. His statement signals a shift towards a more market-oriented economy where the state's role is limited to providing the regulatory framework and enabling private sector growth. The meeting was attended by several key federal ministers, including Abdul Aleem Khan, Muhammad Aurangzeb, Rana Tanveer Hussain, Ahad Khan Cheema, and senior officials from the relevant government departments. This renewed push for privatisation is seen as an effort to bolster Pakistan's economic position, attract investment, and improve the performance of sectors that have long been a drain on state resources.