After approving the decision to sell a stake of at least 26% of state-owned entities including the Pakistani International Airlines and the Pakistan Steel Mills, the Cabinet Commission on Privatization (CCOP) fulfilled the key condition of the International Monetary Fund for the $6.7 billion bailout program. The Privatization Commission presented a list of at least 30 items including the Lakhra Power Plant, Pakistan State Oil, Islamabad Electricity Supply Company, Sui Northern Gas Pipelines and Sui Southern Gas Company and Gujrawanala Electricity Supply Company among others. The purpose of privatizing these state-owned entities is to restructure and correct the deterioration they have undergone in the past many years of mismanagement. While answering the concerns of workers, the CCOP ensured that the interests and well-being of employees will be safeguarded in all ways possible.

The decision to privatize these decaying entities is a positive one, but at the same time there are several apprehensions that must be addressed and kept in mind in order to avoid issues in the future. Firstly, the transparency of these decisions is incredibly significant for the sake of protecting the public’s trust. An open and transparent transfer of power and finances for the betterment of these companies is crucial for not only the administrators but also the employees. Furthermore, the commission on privatization should also guarantee that all wasteful expenses will be cut down, while only qualified professionals will be appointed in all companies. Nepotism and other amoral means of handling affairs should be tackled effectively.

Annual losses are predicted to reduce once the privatization and restructuring process begins while, in order to increase operational efficiency, segregation of various departments will occur. Strategic partnerships, not duplicity and dishonesty, and clear transfers of assets ought to be maintained in this move of privatizing assets from the public sector, otherwise little will change.