Privatisation process initiated to make govt entities profitable: Fawad

Minister for Privatisation Fawad Hassan Fawad on Thursday said the process of privatisation being pursued by the caretaker government is within the mandate entrusted upon it by the previous elected government, state-run Radio Pakistan reported.

The minster said the purpose of privatisation is to make the loss-making entities profitable and add value in their services for the people.

He was addressing a news conference alongside Minister for Information and Broadcasting Murtaza Solangi in Islamabad.

The minister refuted the impression that the caretaker government has extended the privatisation process under some policy.

He mentioned the amendment made by the previous government in section 230 of the Elections Act in which the mandate of caretaker government was expanded to continue the policies for the sake of continuity.

“Privatisation process has certain timelines, which cannot be skipped otherwise the financial costs of delay in these transactions will directly burden the national economy causing increase in fiscal deficit and upsurge in inflation,” Fawad said.

He clarified that the caretaker government has not added any institution or organisation in the list of ‘to be privatised’ entities, saying that these are all those which were enlisted after due deliberations by the elected governments.

The minister cautioned media to avoid “baseless” news.

“The government is open for all queries or confusion regarding any issue and it be given chance to respond and clarify the position,” he said.

He said PIA was facing financial issues hampering its regular functioning therefore funds were issued within forty hours to meet its needs.

About Pakistan Steel Mills, the minister said its existing one point million ton capacity would be increased to three million ton after its privatisation.

“Only its operational assets will be privatised and not those outside the operational area,” Fawad mentioned.

Speaking on the occasion, Caretaker Federal Minister for Information and Broadcasting Murtaza Solangi said the situation became clear after the Election Commission’s announcement today regarding the general elections to be held by the end of January 2024.

“It’s a moment of happiness that the democratic process will move on putting the country on the path of stability,” Solangi said.