Press Releases - Slow pace of privatisation irking IMF: Mian Zahid Hussain.

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on the slow pace of privatisation process can result in frictions with the IMF.

The differences with the IMF can hurt the remaining part of the programme as many governments over the decades have promised to sell bleeding enterprises but the move was avoided due to political considerations, he said.

Mian Zahid Hussain said that IMF is pressurising Pakistan to sell state-run companies bleeding the exchequer but the private sector is not showing Any interest due to many reasons including pandemic.

Talking to the business community, the veteran business leader said that trade unions and the opposition are also opposing the move while IMF is of the opinion that there is no other way to reduce the ballooning budget deficit.

The lender thinks that tax target of Rs4.9 billion will not be achieved, circular debt will continue to rise which has jumped from Rs1.2 trillion to Rs 2.4...