ISLAMABAD: The government on Wednesday gave the nod for starting the privatisation process of one dozen state-owned enterprises, reported The Express Tribune.

The Cabinet Committee on Privatisation (CCOP) took the decision of privatising the Islamabad Electric Supply Company (Iesco) and Lahore Electric Supply Company (Lesco) amid a lack of cooperation from the Power Division.

CCOP Chairman Dr Abdul Hafeez Shaikh admonished the power ministry for not cooperating in pushing forward the government’s agenda of privatising the loss-making enterprises. He asked the ministry either to cooperate in the privatisation of power distribution companies or inform the prime minister about its reservations.

The meeting approved the inclusion of State Life Insurance Corporation (SLIC) as well as Iesco and part of Lesco in the active list of privatisation programme, according to a statement issued by the finance ministry.

A report of the State Bank of Pakistan (SBP) showed that the debt of public sector enterprises (PSEs) increased 47% to Rs2.1 trillion within one year that ended on June 30, 2019. The PTI government wasted one year to come to the conclusion that the privatisation of loss-making enterprises was the only solution to their growing losses, reported the newspaper.

The CCOP also approved a hybrid option for the privatisation of National Power Parks Management Company Limited (NPPMCL) comprising two LNG-based power plants namely 1,223-megawatt Balloki power plant and 1,230MW Haveli Bahadur Shah power plant.