Privatisation process initiated to make govt entities profitable: minister

Privatisation process initiated to make govt entities profitable: minister

Islamabad (Web Desk): Caretaker Minister for Privatisation Fawad Hassan Fawad has clarified that the process of privatisation being pursued by the caretaker government is strictly within the very mandate entrusted upon it by the previous elected government.

Addressing a news conference alongside Minister for Information and Broadcasting Murtaza Solangi in Islamabad on Thursday, the privatisation minister refuted the impression that the caretaker government has extended the privatization 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.

Fawad said 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.

The minister clarified that the caretaker government has not added any institution or organisation in the list of 'to be privatized' entities rather these are all those which were enlisted after due deliberations by the elected governments.

"Media should avoid baseless news and 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.

Fawad Hassan Fawad said that the purpose of privatisation is to make these entities profitable and add value in their services for the people.

The minister said that Pakistan International Airlines (PIA) was facing financial issues hampering its regular functioning therefore funds were issued within forty hours to meet its needs.

About Pakistan Steel Mills, Fawad said its existing one point million ton capacity will be increased to three million ton after its privatisation. He said that only its operational assets will be privatized and not those outside the operational area.

Speaking on the occasion, Minister for Information Murtaza Solangi said that the situation is clear after the Election Commission of Pakistan's (ECP) 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," the minister asserted.