effort was launched in November 1990, the government declared privatization as its primary economic policy objective, when theDisinvestments and Deregulation Committee was established to identify theenterprises to be privatized and to make recommendation on how this process should take place. The agenda of privatization announced by theGovernment covered a wide spectrum of fields like industries, banks,development finance institutions, telecommunications, energy sector, andelectricity and infrastructure facilities for the stimulation of private sector.In the early phase of privatization, the programme was unsuccessful withfew bidders for the targeted firms. Since privatization was a cornerstone of the government's economic policy, the government revised its strategy andaccelerated the process. It improved the legal and administrative procedures,and while it had decided initially to adopt the policy of offering only fewunits for sale at a time. Attempts were also made to make the entire privatization procedure more transparent and effective, that is why thecreation of Privatization Commission on January 22, 1991. The Commissionwas required to pinpoint and identify the industrial units for sale purpose. Itidentifies 115 units in three phases:
All the nationalized Banks and Insurance Company were to be privatized.
In addition to banks, many other units, which were the monopoly of thePublic Corporations, were to be privatized.
It included power generation, Transport (aviation, railways, ports,shipping, road construction), Pakistan Steel Mills, Oil & Gas andTelecommunications etc.During January 1991 to June 2005 the Commission completed 151transactions for Rs 177.328 billion. In the financial year 2005-2006, theCommission has successfully completed privatisation of 8 transactionsincluding privatisation of PTCL, CTI, KESC, UBL (IPO), United IndustriesLimited (additional shares), Bolan Textile Mills Ltd., Mustehkam Cementand Pak American Fertilizers for Rs.196.231 billion, which is 356% higher than the previous year. The Commission, during the year, has remitted Rs.97.259 billion to the Government of Pakistan for debt retirement and poverty