Pakistan considers mass privatisation drive as it seeks IMF bailout

[El Sidd]

gen qayyoum was crying to privatize pakistn steel in 2004-05 at that time it canb sold with decent amount per sab bolty thy munafa bakhsh idara kiyoo bech rahy ho tab iftakhar chuhdri ne apni sister pesh ki thi . ab kahan gya wo muafa bakhs idara ?aik PPP jesi gov ayee gi sab loordy lag jaay ga

4 5 idaray hai. Bech kar Kia chaiye?

Long term nuqsan ha.

Baqi marzi ha

 

[Imran Khan]

4 5 idaray hai. Bech kar Kia chaiye?

Long term nuqsan ha.

Baqi marzi ha

10 saal main 3bn$ PIA kha gai kon wapas de ga? gov ka kam dukan chalana nhi tax akhta ker ke mulk ki bhalai kerna hai

 

[El Sidd]

10 saal main 3bn$ PIA kha gai kon wapas de ga? gov ka kam dukan chalana nhi tax akhta ker ke mulk ki bhalai kerna hai

Qanooni karwai honi Chaiye.

Government dukaan khol kar private kardegi sab to qanoon sazi kon karega.

 

[mikkix]

PIA steel mill railway cannot become profitable organizations as their handlers looting these organizations since many years. Ppp n pmln are toothless parties and bureaucracy with powerful people looting this country and will continue to do so. So chill IMF money will also goes into their pocket.

 

[Imran Khan]

Qanooni karwai honi Chaiye.

Government dukaan khol kar private kardegi sab to qanoon sazi kon karega.

when was last time these 4 units give profit to nation ? and please collect all 70 years loss and profit and then we can argue sir .

PIA steel mill railway cannot become profitable organizations as their handlers looting these organizations since many years. Ppp n pmln are toothless parties and bureaucracy with powerful people looting this country and will continue to do so. So chill IMF money will also goes into their pocket.

its cancer from top to bottom can not be fixed never ever but pakistani qaum 100 jooty or 100 piyaz khany wali hai

That is far better then Pakistan. Although AI might be losing about same money but don't forget India is nearly seven times bigger then us. If PIA losses reduced 7 times only then would the situation be comparable. And here is another thought. I actually support public policies that transfer money to the poor even if there is element of corruption/loss. For instance BISP. But often people here will flail their arms about this. Whatever the minutiae of BISP is but at least some of the money goes to the most vulnerable and poorest in society.

But in case of PIA etc what you have is a glorified BISP only this is for the already well off or middle class. and offers them a steady cow to milch under the guise of being employed. Of course nobody flails their arms about this !

You know what I mean't !

$3 billion is more then the money we have begged out of China as bailout. Do you know when was the last time PIA balanced or made a profit?

1981 first bailout to pia after many years of loss. Since 2001, PIA posted profits only in 2002 to 2004 period

 

[ziaulislam]

Most of these 'companies' are losing billions of rupees. Would you buy any of these companies to lose money? Would you? As things stand you would not get a penny for them.

Most are in negative ..
Example PIA value is -232 billion as it has a total liabilities of about 560 billion rupees
So we cant gain a penny from them

The goal is not to loose more money

 

[!eon]

No need to pay golden handshake to anyone before conducting a scrutiny..

I agree with you, support you and standing right behind you.

look at this hand and thumb.

 

[xyxmt]

bhai jaan PIA loos is 20bn ruppees this year if we just give golden hand shake all of employes 14000 of them 10mn each problem will be solve once forever

I am sorry but last time I landed at KHI airport I am sure I counted more than 14000 PIA employees at this one airport

 

[Shahzaz ud din]

gen qayyoum was crying to privatize pakistn steel in 2004-05 at that time it canb sold with decent amount per sab bolty thy munafa bakhsh idara kiyoo bech rahy ho tab iftakhar chuhdri ne apni sister pesh ki thi . ab kahan gya wo muafa bakhs idara ?aik PPP jesi gov ayee gi sab loordy lag jaay ga

Gen Qayyum who is now a senator of PMLN actually opposed the privatization of PSM. In one of his press conference Gen Musharraf told the reason why Gen Qayyum is opposing the privatization.He told that Gen Qayyum is near his retirement so he wants to prolong his stay at PSM .Where as gen Qayyum opinion was that because PSM is now in profit let us go for its extension program for the enhancement of production. Whereas Gen Musharaf and Shaukat Aziz thought that it is the ideal time to get rid of PSM. When general Qayyum saw his plan is failing he contacted Nawaz Shareef and Nawaz Shareef contacted CJ Iftikhar Chaudhry who took suo moto and gave stay order to stop PSM privatization.
In those days I was working at PSM.I witnessed how PSM was transformed into a profitable organization.The person who actually did that was Gen Sabih Qammaruzaman.
It was Musharaf era when last time PIA and PSM were actually the profitable organization.

 

[KAMDEV]

you will have to follow dictates of IMF then only you will get the bailout.

 

[Shahzaz ud din]

you will have to follow dictates of IMF then only you will get the bailout.

Why Indians are so much worried about Pakistan.

 

[KAMDEV]

Why Indians are so much worried about Pakistan.

We want strong democracy in pakistan, democratic govt will bring peace in this region.

 

[Shahzaz ud din]

We want strong democracy in pakistan, democratic govt will bring peace in this region.

 

[Shahzaz ud din]

Asad Umar considers massive privatisation drive via ‘wealth fund’
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August 2, 2018
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Asad Umar, Pakistan's incoming finance minister, listens during an interview in Islamabad, Pakistan, on Thursday, Aug. 2, 2018. Photographer: Asad Zaidi/Bloomberg

ISLAMABAD: Asad Umar, the man most likely to be the next finance minister of Pakistan, in an interview with the Financial Times, revealed that during the first 100 days of the new government, all state-owned companies would be transferred into a special wealth fund.

According to him, the country would have to consider a mass privatisation drive as it seeks to obtain the necessary funds to pull the nation out of the economic crises that the nation seems to be lingering around. The creation of this fund may help persuade the IMF to agree to a favourable deal for the country, he hopes.

The likely new finance minister went on to say that the creation of this special wealth fund would be the first step towards privatization by the new government.

About 200 companies would be effectively removed from government control and placed in this wealth fund, which shall be led by people from the private sector, and managed by the government from an arm’s length. The funds job would be to cut the losses of the companies in that fund, and reduce their debts.

Citing the huge debts of state owned enterprises, he mentioned the staggering debt level of Rs406 billion that PIA has been reporting and stressed on the need to reduce those debts.

In this regard, the new government would have to formulate an effective plan right after taking office, he added.

Meanwhile, the government would also be looking at other options, including raising money from overseas Pakistanis, issuing new Sukuk (Islamic) bonds and requesting Saudi Arabia to defer our oil payments, he said.

 

[ziaulislam]

gen qayyoum was crying to privatize pakistn steel in 2004-05 at that time it canb sold with decent amount per sab bolty thy munafa bakhsh idara kiyoo bech rahy ho tab iftakhar chuhdri ne apni sister pesh ki thi . ab kahan gya wo muafa bakhs idara ?aik PPP jesi gov ayee gi sab loordy lag jaay ga

it was sold for 30 billion rupees..imagine if iftikhar hadnt reverse the decision, we would have saved 7-8 billion dollars..not even counting the damage done by hurting investor sentiment