ISLAMABAD: The government may reconstitute the cabinet committees headed by advisors to the Prime Minister including Economic Coordi-nation Committee (ECC) of the Cabinet, the highest economic decision making body in the country, subsequent to Islamabad High Court's (IHC's) ruling barring advisers to head cabinet committees.
When contacted, an official on the condition of anonymity said the ECC meeting scheduled on Wednesday was postponed and is likely to be held either today (Thursday) or Monday.
A spokesperson for Privatization Division told Business Recorder that the legal team of the division is discussing various options in the light of the IHC ruling barring Advisor to the Prime Minister on Finance Dr Hafeez Sheikh to chair the Cabinet Committee on Privatization.
Sources said that given the urgency of the government business on the agenda of the ECC, the preferred option for the government would be to reconstitute the cabinet committees by replacing the adviser on finance with some elected member of the cabinet as challenging the IHC ruling in the apex court would take time. And the Minister for industries and production Hammad Azhar appears the Prime Minister's preferred choice to head the ECC meeting as he presented the two budgets of the government and received appreciation from the party head. Speculation is rife in the federal capital that a notification by the cabinet division for reconstitution of the committee may be issued in a day or two whereas the government is considering filing a review petition in the Supreme Court next week.
After the postponement of the ECC meeting on Wednesday, the Cabinet Division convened the ECC meeting today (Thursday) with adviser on finance in the chair and with the same agenda except addition of one item. The agenda of ECC includes (i) Karachi Transformation Plan for detailed discussion before being approved as it was deferred in the last meeting; (ii) discussion and approval of finance proposal with respect to rationalization of subsides Phase-I; (iii) technical supplementary grant for the project of ICI administration Islamabad, (iv) Ministry of National Health Services Regulations and Coordination technical supplementary grant for annual contribution of government of Pakistan to the UNFPA, PPD, IPPF-FPAP for the fiscal year 2018-19, 2019-20 and 2020-21, (v) technical supplementary grant to pay Pakistan's outstanding contribution to the WHO, (vi) revision in relending policy 2016 for foreign loans/credits, and (vii) implementation of approved recommendations of Mobile device Manufacturing Policy and Electronic Vehicles (EV) 2-3 wheelers and HCVs) as well as approval of new proposals related to automotive industry (four wheelers EVs and premium on vehicles) and new agenda item of international finance corporation offshore Pakistani rupee-link bonds programme. However, the ECC convened for Thursday has also been cancelled. This was convened by cabinet division to the ministries, said an official.
The spokesperson of Privatisation Division said that PC had the option to take some summaries directly to the federal cabinet for approval.
Refuting the impression that the process of privatisation was slow, the spokesperson for the Privatization Commission said that a number of transactions were near maturity adding that SME Bank, Services Hotel New York, Jinnah Convention were at an advanced stage.
Responding to a question regarding the revision in revenue target of Rs 100 billion set in the current financial year the Spokesperson said that the target was set on the basis of privatisation of National Power Parks Management Company Limited (NPPMCL) and this transaction was facing delay due to some sectoral problems. The government received 12 bids for privatization of the NPPMCL that owns two power plants located at Balloki and Haveli Bahadur Shah, which have a combined generation capacity of 2,453 megawatts. The government has set a target to privatise SME Bank, First Women Bank, NPPMCL, 18.5 percent shares in Mari Petroleum Company Limited, Services International Hotel Lahore and Jinnah Convention Centre Islamabad. The government has also planned to off load 7 percent stakes of the Oil and Gas Development Company (OGDC) and 10 percent shares of Pakistan Petroleum Limited (PPL) during the current financial year.
On Friday, the government appointed Hassan Nasir Jammy as secretary privatisation after the retirement of Malik Rizwan.
Copyright Business Recorder, 2020