Privatization forms core of Economic Strategy: Musharraf
Pakistan Times Business & Commerce Desk

ISLAMABAD: President General Pervez Musharraf has said privatization forms a core of Pakistan’s economic strategy and an integral element of FDI, which alongwith exports and remittances helps balance out trade deficit.

He said that the privatization of state-owned enterprises like PTCL has been transparent, fair and successful as privatized organizations including banks have been performing much better in the private sector.

“I want to assure the nation that privatization process has been transparent and fair,” he stated in an interview with Business Plus aired Thursday evening.

He pledged to turn the current trade deficit into surplus but remarked that increased import of machinery and equipment will ultimately benefit the economic and contribute to higher industrial growth.

The privatization of loss-incurring companies would save billions of rupees to the national kitty, he remarked.

In this respect, he said the people took hefty loans from government-owned banks and did not return these. While after their privatization, these banks have been performing efficiently and shown tremendous improvement.

On the Supreme Court verdict on Pakistan Steel Mills sale, he said the Supreme Court is independent and “we must honour its observation and rectify.”

At the same time, the President expressed the hope that it would not affect the privatization process of the country as Pakistan wants greater inflow of investment into various sectors for its continued economic growth.

He underlined the importance of privatization in the country’s continued development.●