ISLAMABAD  - The Privatization Commission of Pakistan (PC) and International Finance Corporation (IFC) here Wednesday signed a Memorandum of Understanding (MoU) for the value evaluation of all those state-owned entities that are to be privatized.

MoU in this regard was signed by Federal Minister for Privatization, Ghous Bux Mahar and IFC Chief Representative for Pakistan, Nadeem Siddaqui.

The MoU would be valid up to two years period and could be further extendable.

Talking to media persons on the occasion, the federal minister said that the valuation of the national entities would be done in accordance with the international standards so that maximum possible income could be generated through the privatization process.

He said that IFC would be providing free of cost services for valuation, so Pakistan would not be paying any money for this process, adding that work on it has already been started.

To a question, he said that homework for the privatization of Oil and Gas Development Company (Limited) has already been completed, however the process was delayed to attract better prices.