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KESC privatisation by June 30, Shaukat tells ADB mission

ASIF FAROOQI

ISLAMABAD: The Minister for Finance Shaukat Aziz has assured the Asian Development Bank (ADB) of meeting the latest deadline for the privatisation of Karachi Electric Supply Company (KESC) which is June 30, 2000.

The ADB mission which called on the finance minister on Thursday was told that the privatisation process of the company was moving ahead very swiftly and the unit would be available for sale by mid of this year.

The minister reportedly said the government was ready to exhaust every available option to continue with the privatisation of the power sector entity.

Sources said the ADB mission pressed the minister for taking up the liabilities of the KESC, which amount to over Rs 6 billion. The proposal had come up for discussion with the ADB deliberations with the ministry of water and power. ADB officials were told to take up this proposal with the finance minister.

However, the sources said the bank officials failed to get a clear-cut assurance from the minister on the specific proposal of making the finance ministry responsible for the KESC deficit. However, the minister expressed his government's desire to carry out the privatisation in the power sector as a top priority.

The meeting which was attended by Secretary General Finance, Moin Afzal and Water and Power secretary Zafrullah, discussed the steps the government has already taken to fulfil its commitments on the privatisation of the power sector entities.

It was informed that the financial restructuring of the KESC was completed and procedure had been kicked off to get the company licenses from the National Electric Power Regulatory Authority (NEPRA).