Cabinet committee paves way for SRBC privatization

Author: APP

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) here on Tuesday reiterated its decision to exclude the Shalimar Recording and Broadcasting Company Limited (SRBC) from the list of strategic or essential organizations, paving the way for its potential privatization or public-private partnership.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the CCoSOEs, according to press release issued by the Finance Ministry.

Among others, the meeting was attended by the Minister for Planning, Development and Special Initiatives, Ahsan Iqbal; Minister for Housing and Works, Mian Riaz Hussain Pirzada; Minister for Maritime Affairs, Qaiser Ahmed Sheikh; Governor State Bank of Pakistan (SBP); Chairman Securities and Exchange Commission of Pakistan (SECP); Federal Secretaries; and senior officers from the Finance Division.

According to the statement, the Committee deliberated on a summary presented by the Ministry of Information and Broadcasting (MoIB) regarding the privatization and exploration of a Public-Private Partnership (PPP) model for the Shalimar Recording and Broadcasting Company Limited (SRBC).

During the discussion, the Cabinet Committee reiterated its earlier decision that organizations like SRBC will not be classified as strategic or essential. The MoIB will be required to abide by the Cabinet’s earlier decision regarding non-essential and non-strategic SOEs.

In addition, the Committee reviewed the implementation status of decisions previously taken regarding various SOEs under the agendas of the Cabinet Division, Ministry of Information and Broadcasting, Ministry of Petroleum, Ministry of Railways, and Revenue Division.

A presentation was given highlighting the six cases currently under implementation across these ministries, with two cases pertaining to the Cabinet Division and one each for the others. The review emphasized ensuring timely execution of all decisions.

On the occasion, Ahsan Iqbal emphasized the need for a robust monitoring mechanism for SEZs and urged the implementation of reforms that can transform these zones into engines of economic growth.