The National Assembly’s (NA) Standing Committee on Privatization, chaired by MNA Muhammad Farooq Sattar, convened its 9th meeting here at Parliament House on Friday to review key issues related to the privatization process and financial commitments.
The meeting began with the confirmation of minutes from the previous session. Secretary Privatization Division briefed the committee on the status of earlier recommendations, including the proposed review of the decision to privatize the Utility Stores Corporation (USC).
The committee was informed that any such decision lies within the domain of the Cabinet Committee on Privatization (CCOP) and the federal cabinet, and their recommendations would be forwarded accordingly.
During the session, representatives from Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO) updated the committee on the ongoing privatization process of Distribution Companies (DISCOs).
The Members expressed serious concern over heavy and unannounced load shedding, urging authorities to reduce outages and ensure timely redressal of complaints, especially those raised by elected representatives.
The committee also criticized the non-responsiveness of utility officials to parliamentarians’ phone calls and directed immediate improvement in cooperation and communication.
The Ministry of Finance briefed the committee on the status of a Rs48 billion promissory note, highlighting that Rs14 billion had been disbursed to Postal Life Insurance Company Limited (PLICL) during the fiscal year 2021-22. The ministry assured the committee that the remaining amount would be paid.
The PLICL officials, however, voiced concern over inadequate disbursements, stating that the lack of funds had led to a 50% drop in the number of policyholders due to delayed claims.
After detailed discussions, the committee found the PLICL’s concerns valid and recommended the immediate release of Rs 8 billion to the company by September 2025.
The committee further urged PLICL to ensure the protection of policyholders’ rights. The meeting also postponed the discussion on ‘The Privatization Commission (Amendment) Bill, 2024’ until the next session.