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Old Friday, June 02, 2006
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Post Pakistan expects $4 bil. in privatization of firms

The Pakistan Privatization Commission said Thursday it is privatizing 49 entities during the next two years and is expecting $4 billion from the sales.
Included in the privatization campaign are the coveted Pakistan Telecommunication, four banks and financial institutions, insurance companies, oil and gas companies and power and electricity firms.
The chairman of the commission, Salim Altaf, said privatization has become necessary because of the heavy losses by public sector enterprises.
Pakistan has privatized nearly 100 industrial units since the privatization process was launched in 1990, but bids to privatize major corporations like Pakistan Telecom and two major banks have failed because of related scandals.
Altaf said the government has also decided to privatize Pakistan International Airlines and the Civil Aviation Authority.
The privatization law being prepared by the government stipulates that 90% of the proceeds would be used to clear domestic and foreign debts.


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