Privatisation of 5 institutions to be completed by mid 2021

Staff Report

ISLAMABAD: Federal Minister for Privatisation Mohammed Mian Soomro has announced that the privatisation process of four to five state-owned institutions will be completed by June 2021. Mohammed Mian Soomro clarified that the privatisation process will not be interrupted by the expected political campaign of opposition parties which announced to hold long march and demonstrations across the country.
The privatisation minister said that the commission will complete the privatisation process of a national entity by December this year. He said that the incumbent government will complete its tenure and it will also
collect successes in 2023. He said that the matters related to the denationalisation of Roosevelt Hotel
owned by Pakistan International Airlines (PIA) will be resolved soon. Soomro added that it was feared that the company will take over the Roosevelt Hotel from which the entity had acquired the loan.
He said that the debt will be paid off soon. It is pertinent to mention here that the Economic Coordination Committee (ECC) had approved $142 million funds for paying off debt on Roosevelt Hotel earlier in September.
The amount of $142 million had been approved for the monetary needs and maintenance of the hotel owned by the PIA in Manhattan, US, and it will take care of the loans, interests incurred and other payables of the hotel, read the declaration of the ECC meeting.