ISLAMABAD: Pakistan’s top investment body said on Wednesday it had “resolved with consensus” to fast-track the privatization of state-owned enterprises (SOEs) to help reduce losses to the national exchequer.
Pakistan’s caretaker administration had earmarked 10 cash-bleeding SOEs for privatization on Sept. 21. The decision to privatize these enterprises, which includes Pakistan International Airlines, the national flag carrier, is part of fiscal discipline plans agreed with the International Monetary Fund (IMF) under a $3 billion bailout program signed earlier this year.
On Wednesday, caretaker Prime Minister Anwaar-ul-Haq Kakar chaired the sixth apex committee meeting of the Special Investment Facilitation Council (SIFC), a hybrid civil-military government body Pakistan constituted in June to attract foreign investment in key economic sectors, particularly from Gulf nations.
During its meeting, the SIFC discussed macro-economic issues affecting investment climate in the country, “including inordinate delays in restructuring/ privatization of cash bleeding State Owned Enterprises (SOEs),” the SIFC said.
As of 2020, the accumulated losses for SOEs amounted to 500 billion rupees ($1.74 billion), the finance ministry said last month.
“The committee also resolved with consensus on fast-tracking the privatization process and hence, in the larger interest of the country, reduce recurring losses to the national exchequer,” a statement from the PM office after the SIFC meeting said.
The apex committee also expressed satisfaction over Pakistan’s ongoing negotiations with foreign and domestic investors for the timely realization of various investment prospects, it said.
Pakistan is also discussing outsourcing operations of several of its state-owned assets to outside companies.
In March, Islamabad kicked off the outsourcing of operations and land assets at three major airports to be run under a public-private partnership, a move to generate foreign exchange reserves for its ailing economy.
The government has budgeted only about 15 billion Pakistani rupees ($52.42 million) in receipts from a stalled privatization process in its budget for the fiscal year 2024.
Pakistan’s top investment body resolves to fast-track privatization of loss-making entities
https://arab.news/z7uv9
Pakistan’s top investment body resolves to fast-track privatization of loss-making entities
- PM Kakar chairs sixth apex committee meeting of Special Investment Facilitation Council
- Committee reviews various initiatives spearheaded by SIFC, hurdles for investment climate
India captain says will travel for Pakistan clash despite boycott
- Pakistan have announced they will boycott their match against India on Feb. 15 in Sri Lanka
- India need to be at the stadium on Feb. 15 to ensure they are awarded two points for match
MUMBAI: India captain Suryakumar Yadav said Thursday that his team would show up in Colombo for their T20 World Cup clash against Pakistan, despite their Group A opponents and arch-rivals boycotting the match.
“We haven’t said no to playing them (Pakistan),” Yadav told reporters at Mumbai’s Wankhede stadium, where India will begin their campaign against the United States on Saturday’s opening day.
“They are the ones who have said no. Our flights are booked and we are going to Colombo.”
India need to be at the stadium and ready to take the field for the February 15 match in order to make sure of being awarded the two points for a match forfeit.
The tournament, co-hosted by Sri Lanka and India, has been overshadowed by weeks of political posturing in the build-up.
Bangladesh were kicked out for refusing to play in India and Pakistan’s government then told its team not to show up at the clash of the arch-rivals as a show of support for Bangladesh.
Pakistan and India have not played bilateral cricket for more than a decade, and meet only in global or regional tournaments events.
India start the T20 World Cup on home soil with a great chance of retaining the title they won two years ago and Yadav agreed they were the side to beat.
“The way we have been playing, it looks like we are the favorites,” he smiled.
If that seemed like an overconfident statement, the India captain was quick to caution: “There are 19 (other) good teams in the tournament, though.
“On a given day, when you play, you have to bring your A-game and play good cricket.”
India know that their opening opponents, the United States, caused the biggest upset of the 2024 tournament when they beat Pakistan in a super over.
Yadav said no team would be taken lightly.
“I’m sure every game will be very important,” he said.
