Privatisation of two LNG power plants to be completed by end of FY2020, IMF assured.

Byline: Imran Ali Kundi

ISLAMABAD -- Pakistan has assured the International Monetary Fund (IMF) to complete the privatisation of two LNG power plants by the end of current fiscal year (FY2020). 'Financial advisors were appointed for the privatization of two LNG fired power plants and the transaction structure was approved.

The authorities expect to finalize the process by end-FY 2020,' the IMF stated in its recent report on Pakistan. The government of Pakistan has also assured that government is following the process to conduct audit of public sector entities.

The government has stated that it had hired international auditors to conduct new audits of Pakistan International Airlines (PIA) and Pakistan Steel Mills. Work is already underway to complete and publish the audits of the 2018 accounts by end-December 2019.

The government has engaged IMF technical assistance to support its ongoing efforts to develop a new State-Owned Enterprise Law.

'We plan to request technical assistance from international partners to start the work on classifying SOEs into companies for sale, liquidation, or retaining under state ownership (end-September 2020 SB).

The Ministry of Finance will lead this work, with support from line ministries,' the government of Pakistan stated in writing to the IMF.

It is worth mentioning here that the PTI-led government has planned to privatise 20 public sector entities in the first phase of its privatisation programme. The...