Deputy Prime Minister/Foreign Minister Mohammad Ishaq Dar, Wednesday, chaired a meeting of the Cabinet Committee on Privatization (CCoP) for the inclusion of Fauji Fertilizer Company Limited (FFCL).
The Committee on Privatization, in its meeting endorsed inclusion of Fauji Fertilizer Company Limited (FFCL) as an additional Consortium member, as per approved terms of the bid documents executed with the successful bidder for PIACL i.e. consortium led by Arif Habib Corporation, for PIACL.
FFCL will subscribe to 33.99% ordinary shares of PIA Equity Limited, a special purpose vehicle incorporated by the successful bidder for divestment of PIACL whereas Arif Habib Corporation Limited will remain the lead consortium member.
The meeting was attended by Minister for Finance & Revenues, Minister Energy, Advisor to the Prime Minister on Privatization, Minister of State for Finance & Revenue, Special Assistant to PM Tariq Bajwa, Secretaries Cabinet, Privatization, Law & Justice and senior officials from Cabinet and other key stakeholders. The CCoP’s decision would be submitted for ratification of the federal cabinet.
Separately, Dar directed all ministries and divisions to ensure strict and transparent implementation of the austerity measures, promote fiscal discipline, and ensure prudent use of public resources in line with the government’s commitment to austerity and responsible governance.
The DPM/FM chaired a meeting of the Committee for monitoring and implementation of conservation and additional austerity measures, constituted under the directions of the prime minister.
The meeting was attended by the Ministers for Finance & Revenue, Climate Change, Information and Broadcasting, Petroleum, Information Technology & Telecom, the Minister of State for Finance & Revenue, Special Assistant to PM Tariq Bajwa, secretaries Foreign Affairs, Finance, Cabinet and Interior, special secretary Establishment Division, and senior officials from the Cabinet Division and other relevant stakeholders. Provincial chief secretaries also participated, DPM Office said in a press release.
The Committee reviewed progress on the implementation of the Prime Minister’s austerity measures, including the decision of federal cabinet members to forgo their salaries, expenditure reductions across ministries and departments, and deductions from the salaries of senior government officials drawing Rs. 300,000 and above.