Privatisation of Pakistan Railways (PR), Pakistan Steel Mill (PSM) and Pakistan International Airline (PIA) would be top priority of the newly-elected government of Pakistan Muslim League-Nawaz (PML-N). Ahsan Iqbal, senior leader of PML-N while talking to Business Recorder, said that a comprehensive strategy would be adopted for the privatisation of PR, PIA and PSM, which are causing massive loss to the national exchequer.
The PML-N would largely focus on the restructuring of the aforementioned state -owned entities for initiation of privatisation process, he said, adding that his party would hire highly educated and qualified professionals as Chief Executive Officers (CEO) for these organisations and recruitment would be through global advertisement. The PML-N after coming into power would identify enterprises which need to be privatised and will assign targets to the Privatisation Commission to ensure completion of the privatisation process within the given timeframe, Iqbal maintained.
While recalling the PML-N's ability to transform the loss-making institutions into profitable ones, Iqbal said major banks such as MCB and ABL were privatised during the PML-N's tenure. An official of the Privatisation Commission on condition of anonymity told Business Recorder that the PML-N would meet the same fate as the PPP-led coalition government if a political person is appointed as chairman of the commission; He urged the government to appoint a technocrat, who possesses understanding of the privatizations process.
The newly elected government also needs to focus on the privatisation of other state-owned entities (SOEs), including National Power Construction Company (NPCC), Utility Store Corporation and stores, National Insurance Company (Ex - National Insurance Corporation), State Life Insurance Corporation, Power Distribution Companies and many other SOEs, which are a burden on the national exchequer, the official said.
Though there is political stability after the general elections 2013, the newly elected government must adopt wait and see policy before launching of Oil and Gas Development Company limited (OGDCL) exchangeable bonds with a transaction size of $500 million due to the current crisis in international markets, he added.
About the fate of Benazir Employees Stock Option Scheme (BESOS), which empowered employees through transfer of 12 percent of the GoP shareholding in SOEs launched by former government of Pakistan Peoples Party (PPP), he said that now it depends on the newly elected government of PML-N whether to continue BESOS or not.
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