Privatisation: IMF demands latest data of state-owned enterprises
Business
The losses suffered by these entities is a top agenda for the Washington-based institution
ISLAMABAD (Dunya News/News Desk) – As an International Monetary Fund (IMF) is currently in Islamabad for the first review of the $3 billion stand-by arrangement, the finance ministry has been asked to submit latest figures concerning the losses suffered by the state-owned enterprises (SOEs).
The demand came as the two sides held talks on a set of issues related to the Pakistan’s economy and the conditions set by the IMF for reducing fiscal deficit, sources say.
With Islamabad already meeting the demand of raising the power and gas prices, the privatisation of the loss-making SOEs remains a top agenda.
The arrival of the IMF team coincided with a weeks-long disruption of the Pakistan International Airline (PIA) operations, which resulted in the cancellation of hundreds of flights, as the national flag carrier couldn’t buy fuel due to paucity of resources.
And the crisis was over only after the Pakistan State Oil (PSO) agreed to resume jet fuel supply after reaching a deal with the PIA over raising the debt limit.
On the other hand, the Privatisation Commission also revealed that no one was interested in buying the Pakistan Steel Mills (PSM) due the huge accumulated losses which are increasing despite its closure in 2015.
During the ongoing review, the Washington-based institution’s team led by Nathan Porter – IMF Mission Chief to Pakistan – rejected the older data and also looked into the performance of central monitoring unit – a panel formed the IMF deal to look into the SOEs’ affairs – while also asking it to share the its first review.
According to the sources, the IMF representatives were informed that the latest financial figures about the SOEs were being checked and reviewed, adding that the report containing the latest data would be sent to them by next month.
