Federal Minister Khan Urges Urgent Privatization of 15 to 20 Public Entities
Federal Minister for Privatization & Board of Investment Abdul Aleem Khan emphasized the urgent need for privatizing 15 to 20 institutions amid the current economic challenges, labeling loss-making entities as detrimental to the national economy.
Khan, speaking outside Parliament on Thursday following his Senate vote, underscored that the persisting deficit of Pakistan International Airlines (PIA) amounting to 500 billion rupees over the last five years lacks justification.
“Loss-making institutions are like termites for the economy,” Khan remarked, highlighting the drain on national capital and the exchequer without any viable solution in sight. He stressed that privatization is not merely a matter of persuasion but an imperative for the survival of the country’s economy, citing the urgency to include entities such as the Steel Mill.
It is to be noted that there are 25 public sector entities on the government’s privatization list.
Responding to queries regarding investment prospects, Khan asserted that Pakistan offers significant opportunities to attract both local and foreign investors, urging their utilization at all costs.
On the political front, Khan welcomed the meeting between Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur and Prime Minister Mian Muhammad Shahbaz Sharif. He emphasized the critical nature of the current tenure to address the country’s challenges, cautioning that failure to act decisively would limit future options.
Furthermore, Khan disclosed his decision to forego government benefits, including his salary and expenses such as beer at official meetings and for guests, opting instead to cover these costs personally.
In a separate development, Khan chaired a consultative session with financial advisors to deliberate on the divestment of Pakistan International Airlines Corporation Limited (PIACL). Led by a consortium headed by Earnest & Young, the advisors briefed the minister on the progress and strategies regarding PIACL’s privatization, highlighting the restructuring and segregation plan approved by the cabinet. Khan urged expedited proceedings, stressing PIA’s significant investment potential. Also present were Jawad Paul, Secretary of the Privatisation Division, and Usman Akhtar Bajwa, Secretary of the Privatization Commission.
