ISLAMABAD, April 1: The Privatisation Commission will finalise in 10 days a plan to sell a number of state sector enterprises, including banks and power companies, by June 30.

Sources told Dawn that Minister for Privatisation, Investment, Ports and Shipping Syed Naveed Qamar presided over the first meeting on Tuesday and stressed the need for accelerating the privatisation process.

The minister said the coalition government needed proceeds from privatisation to lower the foreign debt burden and arrange funds for poverty alleviation.

The minister was informed that preparations to float Global Depository Receipts (GDRs) of the National Bank of Pakistan (NBP) and Habib Bank (HBL) had been completed and the transactions were expected to be completed before the end of the current financial year.

Similarly, the sources said, the sale of GDRs of the Kot Addu Power Company (Kapco) had been finalised, and it would be completed with the approval of the new minister.

Mr Qamar said that privatisation would contribute to the overall economy by generating more taxes and employments, increasing production and improving quality and efficiency.

He said that previous People’s Party governments had taken trade unions into confidence over the sale of units but the former government had not bothered about them. He said that strong relations with trade unions would be rebuilt and they would be again made partners in the privatisation process and their legitimate interests would be safeguarded.

He said the government would fully involve the people, the press and parliamentarians to make the privatisation process transparent. “We would carry out the privatisation of state-owned enterprises … in the interests of the people of Pakistan who are the real owners of these assets,” he added.

Mr Qamar also directed officials of the commission to put up a realistic timeline for the privatisation of public sector entities.