Privatise PSM, PR and PIA, says PBC chairman

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LAHORE: Pakistan Business Council (PBC) Chairman Sikandar Mustafa Khan has said the transparent privatisation of public sector enterprises, such as the Pakistan Steel Mills (PSM), Pakistan Railways (PR) and Pakistan International Airlines (PIA), is necessary to ensure the path to economic recovery.


The PBC chairman said there is a need to encourage local and foreign investments in Pakistan and boost the private sector since it is the engine of growth and would generate jobs and competition in the country.


“Economic revival is impossible without building confidence of the private sector,” said Sikandar while talking to the Lahore Economic Journalist Association (LEJA) here on Tuesday.


Sikandar went on to add that the next government should cut down the fiscal deficit by reducing or removing unnecessary expenditures and subsidies to the public sector and increasing the tax-to-GDP ratio. “The PML-N’s heavy mandate is a good omen that it will not face too many obstacles when making decisions for the economic revival of the country,” said Sikandar, adding that bold decisions would be required to end the energy crisis in the country.


He said the incoming government should make use of its ties with friendly oil producing countries to secure furnace oil as a short-term solution to the energy crisis. The PML-N-led government should also provide gas to the power sector on a priority basis, while the utilisation of indigenous coal and hydel resources should also be a priority as a long-term energy generation plan to produce cheap electricity, Sikandar added.


Sikandar believed that severe punishment was the only solution when it came to electricity theft. “The huge electricity tariff is one the major reasons for electricity theft,” he said, adding that electricity thieves should not be protected by industrialists or associations.

Courtesy:  The News


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