Minister for Privatization Abdul Aleem Khan has emphasized the immediate need for a transparent privatization process within the specified time frame.

Chairing a meeting of the Privatization Commission Board today, he said privatization plays a crucial role in the country's economic development.

Abdul Aleem Khan said enterprises transitioning to the private sector have strong potential for profitability, as well as improved efficiencies and service delivery.

He urged that all privatization targets be achieved within the set time frame, noting that final approval would be granted by the Cabinet Committee on Privatization.

The meeting approved the privatization of power distribution companies and the appointment of financial advisers for these DISCOS.

It was decided that all legal formalities would be finalized by January next and that three companies would be privatized in the first phase.