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The Federal Minister for Privatisation & Investment Mr. Muhammad Wasi Zafar
while talking to a group of economic media persons today said that Pakistan
has targeted US $ 3.5 billion through the privatisation of public sector
entities in FY 2007-08. The target achieved for privatisation proceeds for FY
2006-07 was US $ 2 billion.
He disclosed that during the current year (2007-08) from July 2007 to November
2007 an amount of US $ 440.597 million equivalent to Pak Rs.26.869 billion
have been received through privatisation proceeds by the Privatisation
Commission.
The Minister further clarified that an impression had been created in a
section of the press that the privatisation proceeds had been stalled, was
totally incorrect. Judging from the above stated position, the Minister stated
that so far US $ 440.597 million has been received as privatisation proceeds,
which was a commendable achievement.
The proceeds relate to UBL GDRs (US $ 85 million), HBL IPO (US $ 196 million -
Rs.12 billion), M/s Etisalat tranche (received on 7th of November) for PTCL
privatisation (US $ 133.217 million) and Rs.1.6 billion from other
privatisation proceeds, which have been deposited into the Government account.
He further stated that the total target for the year 2007 -08 was around US $
3 – 3.5 billion and hopefully this target would be achieved.