ISLAMABAD  -   The Cabinet Committee on Privatisation (CCoP) on Wednesday directed the Commerce Division for fast track study and evaluation regarding Insurance and Reinsurance sector, which should precede process of privatisation.

The CCoP has asked for evaluation of State Life Insurance Corporation (SLIC), National Insurance Company Limited (NICL) and Pak Re-Insurance Company along with the need for Regulatory Framework improvements, which should precede process of privatization. Commerce Division would present its report in this regard to the CCoP by 31st of March. Finance Minister Asad Umar chaired meeting of the CCoP. Minister for Privatization Mohamed Mian Soomro was also present on the occasion.

Secretary Privatization Division shared with the meeting progress on the Active Privatization List which includes National Power Parks Management Company, (NPPMCL), SME Bank, divestment of govt’s residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Company, Jinnah Convention Centre, Islamabad and the First Women Bank Ltd.  The Committee was informed that progress of various degrees had been achieved on the PSEs included in this list. The CCoP was also briefed on follow up action on decisions taken in the meeting held on 31st October 2018.

The CCoP was informed that in pursuance of the decision 15 PSEs including PIA have already been delisted from the privatization programme.

Senior officials of PIA apprised the Committee regarding the current status and future prospects of Roosevelt Hotel, New York. The Committee directed that formal proposal in this regard may be finalized by June 2019. The Petroleum Division was directed to expedite the work on regulatory framework for creation of competitive market place for gas sector.