ICCI calls for privatization of loss making Public Sector Enterprises - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- July 08, 2019 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

Quote

The Public Sector Enterprises (PSEs) including Pakistan Steel Mills, PIA, Pakistan Railways and others were becoming a big burden on the national exchequer as government was spending billions of rupees to keep them in running mode and government should seriously work for early privatization of these PSEs to save the national economy from further troubles. This was stressed by Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce and Industry.

He said that government was spending Rs.500 billion to Rs.600 billion per annum on lossmaking PSEs to keep them afloat that was a great injustice with the taxpayers of the country. He said that instead of spending this huge amount on bailing out PSEs, government could achieve far better results by spending this amount on health, education and social sector development.

ICCI President said that according to an assessment of IMF the combined accumulated losses of PSEs in Pakistan including PIA, Pak Steel Mills, power sector and others have exceeded Rs1.2 trillion that was 4 percent of GDP. It showed that PSEs were a huge drain on the national economy. He said that PTI government has not been able to bring any significant reforms in lossmaking PSEs so far and added that the best solution of this issue was to privatize these PSEs that would improve their performance and save billions...