Pakistan Friday gave the go-ahead for the privatization of Jamshoro Power Company and two other state-run firms as the country looks to reduce its heavy debt burden.

The federal government will sell stakes in SME Bank and Heavy Electrical Complex, as well as Jamshoro Power, the Privatization Commission Board said in a statement.

Minister for Privatization Waqar Ahmed Khan said third party valuation of the companies should be carried out to correctly asses their worth.

Pakistan , which has been crippled by continuing violence and unrest, relies heavily on grants from global multilateral funding agencies and friendly nations.

The World Bank has shown an interest in funding work to rehabilitate Jamshoro Power before the government sells its stake, the statement said.

The board has also decided to revalue National Power Construction Company, it added.
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