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Addressing a meeting of the Board of the Privatisation Commission here
today, Mr. Zahid Hamid Federal Minister for Privatisation & Investment said
that privatisation proceeds had reached an all time high during the current
financial year. Up till April 2006, nine transactions had been completed for
total sale price of Rs. 218 billion, out of which a sum of Rs. 118 billion had
already been realized. Last year, 2004-05, eleven transactions were completed
for a total sum of Rs. 43 billion, he stated.
Mr. Zahid Hamid said that Pakistan State Oil (PSO) and National Investment
Trust Limited (NITL) were also likely to be privatised before June 30, 2006,
which would increase the proceeds further. All these proceeds would of course
be utilized for poverty alleviation and debt retirement in accordance with
law, he added.
The Minister further stated that all prescribed rules, regulations and
formalities would be observed and nothing would be sold in undue haste in
order to ensure open, fair and transparent transactions and to maximize sale
proceeds for our national assets.
Mr. Zahid Hamid said that the economic reforms introduced in Pakistan by Mr.
Shaukat Aziz as Finance Minister and continued by him as Prime Minister under
the guidance of President General Pervez Musharraf which comprised three main
pillars of Deregulation, Liberalization and Privatisation were appreciated the
world over and were cited as role models for the region at the World Economic
Forum held on May 20-21 at Sharm-el-Shaikh, Egypt.
He said that the economic reforms had been institutionalized by the Government
through the Fiscal Responsibility and Debt Limitation Act 2005. The Minister
said that the fiscal debt, which averaged nearly 7% of GDP in the 1990s, had
declined to only 3.3% in 2004-05. Moreover, public debt to GDP ratio had
reduced from disastrous 90 to 100% approx in the 1990s to 61.7% in 2004-05 and
was expected to further reduce to under 60% this year, he stated.
The PC Board approved the recommendations of the pre-qualification committees
relating to pre-qualification of parties for the privatisation of National
Investment Trust Limited (NITL), Faisalabad Electric Supply Company (FESCO)
and National Power Construction Company (NPCC). The meeting also reviewed the
progress of the privatisation process of Lyallpur Chemical and Fertilizers
Ltd, and Lasbella Textile Mills. The meeting also formulated its
recommendations for the Cabinet Committee on Privatisation (CCOP) regarding
various ongoing entities.
Shaikh Ikramullah Secretary Privatisation Commission, Members of the Board of
the Privatisation Commission, senior officials of the respective Ministries
and departments attended the meeting.