Pakistan Steel Mills and PIA; what PTI government is planning to do?
The process of privatization needs to be clear and crystal, away from favoritism
(Web Desk) – The government has asked for more time to make final decision concerning the fate of public organizations like Pakistan Steel Mills, Pakistan International Airways, and others. PTI government claimed already that it will not bear the loss of these institutions anymore.
Ministry of Trade and Privatisation and Cabinet Committee on Privatization are considering further on this matter and are heeding to settle on certain terms and conditions. The involved stakeholders are formulating their own plans, and once anyone of them is unanimously opted, it will be implemented at the earliest.
Now that the government is mulling over privatization, the only thing the key stakeholders are to make sure is that these institutions are privatized without any sort of mismanagement including corruption, a practice in action for decades in Pakistan in the garb of privatization.
Secretary Privatization Rizwan Malik talking to Dunya News said privatization policy is being formulated, and within two to three weeks, it will be presented to the Cabinet Committee on Privatization. On annual basis, a gigantic loss of Rs650 billion is being borne by the government. A country with massive budget deficit is unable to feed these institutions whose performance has been marred by nepotism, corruption, political interference, mismanagement etc.
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Privatization is the last resort
Keeping in view the prevailing economic trends and the future scenario, it is evident that privatization of Pakistan Steel Mills and PIA is the last resort. Government is already having big plans like construction of five million houses and dealing with mammoth loans. It will not like to give even a single penny; thus no bailout package.
Now that the government is mulling over privatization, the only thing the key stakeholders are to make sure is that these institutions are privatized without any sort of mismanagement including corruption, a practice in action for decades in Pakistan in the garb of privatization.To what extent, they become successful only the time will tell.
Watch report here:
Reported by Shoaib Nizami
Edited and translated by Junaid Ali Malik
