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A high level delegation of IMF Mission led by Mr. Mohsin S. Khan, Director
Middle East & Central Asia Department held a meeting with Dr. Abdul Hafeez
Shaikh Federal Minister for Privatisation & Investment here today.
Dr. Abdul Hafeez Shaikh briefed the delegation regarding the privatisation and
the investment policies of the government and said that during the last two
years the government realized Rs. 261 billion proceeds through the
privatisation of 27 transactions whereas during the first three years of
General Pervez Musharraf's government privatisation worth Rs.36 billion was
conducted and the first 10 years of privatisation process witnessed
privatisation worth Rs.60 billion, which reflected a dramatic acceleration and
upward trend in the privatisation activity.
He further stated that four parties have been pre-qualified for acquiring 51%
equity stake with management control in Pakistan Petroleum Limited (PPL), on
an 'as is where is 'basis, one of the largest Exploration & Production
companies of Pakistan operating in various production and exploration
concessions in the country. The Data Room for the due diligence of PPL will be
opened on August 20, 2005. While the pre-qualification of seven potential
bidders for Pakistan State Oil Company Limited ("PSO") privatisation has also
been done for their further participation in the privatisation process.
The privatisation of KESC, Pakistan Steel Mills, Mustehkum Cement, Javedan
Cement, PECO land, NIT Mutual Fund were also among the upcoming transactions
being privatised by December 31, 2005, he added.
Under the, 'Privatisation for the People' program, the benefits of
privatisation have been transferred among Eight million common citizens /
small investors of the country through the divestment of shares of OGDCL, PPL,
UBL, SSGC, PIAC and other public sector entities through public offerings,
which has broaden and strengthened the base of the Stock market and the value
of these shares appreciated by Rs.30 billion, the Minister said.
He said that the last year was best in terms growth and GDP while this year
FDI crossed US $ 1.5 billion, which would be further increased in the next
year. The leader of IMF Mission Mr. Mohsin S. Khan, Director Middle East &
Central Asia Department while appreciating the economic performance of the
country said that good growth has been noticed during past 2-3 years while
ratio of investment was also increasing. Pakistan has taken a number of
measures to improve the investment in the country, he remarked.