Prime Minister Shehbaz Sharif on Tuesday declared the privatisation of loss-making state-owned enterprises (SOEs) as one of the government’s top priorities, saying the successful sale of 75 per cent shares of Pakistan International Airlines (PIA) marked the first major step in this direction.

Chairing a meeting on matters related to the Privatisation Commission, the prime minister said the PIA transaction was “the first drop of rain,” signalling the start of a broader privatisation drive aimed at improving efficiency and reducing the financial burden on the national exchequer.

The meeting was briefed on ongoing reforms at the Privatisation Commission.

Officials informed the prime minister that advisers from the market would be hired in key areas, including finance, human resources, law, information technology and media management, to strengthen the commission’s institutional capacity.

The prime minister directed that professionals with the best capabilities from the private sector and market be appointed to the Privatisation Commission, stressing that all recruitments must be carried out in a fully transparent manner.

He also ordered the digitisation of the commission to improve efficiency and governance.

Shehbaz Sharif further instructed that all privatisation projects be subjected to third-party audits by firms of international repute to ensure transparency and credibility.

He also called for further improvement of the commission’s public relations and marketing functions.

The meeting was informed that the privatisation of power distribution companies (DISCOs) would be carried out in two phases. In the first phase, Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO) and Faisalabad Electric Supply Company (FESCO) would be privatised.

The second phase would include Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).

Federal ministers Khawaja Asif and Sardar Awais Ahmed Khan Leghari, Prime Minister’s Adviser on Privatisation and Chairman of the Privatisation Commission Muhammad Ali, and senior government officials attended the meeting.