ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday directed the authorities to ensure that the Privatisation Commission would be given full autonomy as per the law to eliminate red tape and unnecessary elements during the denationalisation process of the state-owned enterprises (SOEs).

Presiding over a meeting to review progress SOE privatisation, the PM underlined that the privatisation of loss-making national enterprises was essential for the improvement and development of the country`s economy, whereas it was the government`s top priorityto carry out the privatisation process effectively, comprehensively and efficiently.

He had directed the quarters concerned to make sure that all legal steps and transparency requirements should be fulfilled in the privatisation ofselected enterprises.

`Illegal occupation of valuable land of national institutions is unacceptable under any circumstances. However, every possible precaution should be taken in the disposal of valuable land owned by national institutions during the privatisation process,` he added.

PM Shehbaz in his special directives, during the meeting, underlined thatthe phased privatisation targets of the aforementioned institutions should be set according to the economic environment of the market so that the national exchequer could be protected from possible losses at all costs.

`All decisions should be implemented fully and effectively. I will regularly monitor the progress of the ongoing work in thePrivatisation Commission. Moreover, the consultation of professional experts and international standards should be maintained in the privatisation process and restructuring of institutions,` the prime minister said.

During the meeting, the prime minister was briefed on the progress of privatisation of institutions included in the privatisation list in 2024.

The commission officials briefed that the phased privatisation of selected institutions was designed keeping in view the legal, financial and sectoral requirements.

Moreover, phased privatisation of selected institutions would be completed within the stipulated time frame as per the cabinetapproved programme and the denationalisation of all institutions on the privatisation list including PIA and power transmission companies (Discos) would be completed in accordance with the set economic, institutional and administrative targets.