PM asked to move the stalled privatization process: PEW
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The Pakistan Economy Watch (PEW) on Wednesday asked the Prime Minister Shahid Khaqan Abbasi to move forward the stalled privatization process.
The bleeding state-run enterprises are wasting hundreds of billions of rupees annually which can be saved be selling these corporations, it said.
Former prime minister Nawaz Sharif promised to sell loss-making enterprises but he preferred to sell some profitable concerns which raised many eyebrows, said Dr. Murtaza Mughal, President PEW.
He said that at this juncture our country cannot afford the luxury of wasting over Rs500 billion annually on inefficient state-run-enterprises.
The money raised through the disposal of the infected assets can be used on welfare projects which are seeing cuts since years, he added.
Dr. Murtaza Mughal said that majority of the corporations of the government have become white elephants due to political interference.
Our politicians have transformed state-run corporations into most unproductive investment by the government which is unacceptable, he added.
The government should bring an end to interference in these corporations or privatize them after admitting that these assets have become burdensome possession while the cost of upkeep has surpassed their worth.
Prime Minister Abbasi can accelerate sustainable economic growth for which bold decisions are needed as PIA remains operational but has accumulated losses that crossed Rs300bn according to figures given during a Senate hearing.
Masses are entitled to ask that what happened to all the grand plans the government had for the ailing carrier and Pakistan Steel Mills.
Good governance, honest measures, true accountability and just taxes on all sectors including agricultural income can help government earn reputation which is essential to push reforms agenda, he noted.
