On 22 January 1991, the Privatisation Commission (PC) was established as a sub-branch of the Finance Division, to implement the privatisation programme of the Government.
Subsequently, on 28 September 2000, the Privatisation Commission Ordinance, 2000 (Ordinance) was promulgated and the Commission was converted into a body corporate, which further strengthened its legal authority for implementing the government's Privatisation Policy.
The Commission is entrusted with the task of privatizing federal government assets such as its shares in banks, industrial units, public utilities, oil, gas and transport companies, and infrastructure service providers in an open and transparent manner. To strengthen the private sector's role in the endowment of goods and services, the Ordinance has vested decision making powers to the Privatisation Commission Board (PC Board), consisting of eminent professionals from the public and private sectors. The decisions taken by the PC Board are taken-up with the Cabinet Committee on Privatisation (CCOP) for consideration/ approval and the same are also ratified by the Cabinet.
Privatisation is an effective tool for the developing nations to achieve economic efficiency and accelerated growth. Privatisation as one of the pillars of the strategic economic reforms agenda of the government goes hand in hand with the broader policy direction of deregulation and liberalization of the economy. Its scope includes all public assets that can be transferred to or can be managed by the private sector. The only exception is strategic industry or industries which the private sector is unable or unwilling to own or manage. The PC aims to ensure transparency and fair privatisation transactions with maximum benefits to the government.