Skip to main content

Pakistan Steel Mills’ privatisation would have benefited country: Zubair

Pakistan Steel Mills, privatisation, Muhammad Zubair, PML-N

KARACHI: Pakistan Muslim League-Nawaz (PML-N) leader Muhammad Zubair believes that the privatisation of Pakistan Steel Mills (PSM) would have benefitted the country, regretting the financial losses due to delay in process, ARY News reported on Tuesday.

Speaking at ARY News programme ‘Khabbar’, the former Sindh governor said that the PML-N believed that privatisation of country’s institutions was the ‘perfect solution’ to financial concerns.

‘There is no other way than privatisation of loss-making institutions,” Muhammad Zubair said, adding that the people of Pakistan were bearing the losses of the country’s institutions.

He pointed out that former chief justice Iftikhar Chaudhry reversed the privatisation of Pakistan Steel Mills – which caused a “lot of loss”. “That decision portrayed Pakistan’s negative image at the global level,” he said.

“Foreign companies, including ones from China, had expressed interest in PSM, and its privatisation would have benefitted Pakistan,” he said.

Zubair further said that PML-N had constituted the “best privatisation board” which also took important decisions. “It was in our manifesto that up to 70 per cent of institutions should be privatized”, he added.

He pointed out three big loss-making institutions – Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM) and FESCO – which according to him were causing financial problems to the country.

“We had decided to privatise PSM, PIA and FESCO in October 2015,” he said, claiming that they even received bids related to electric distribution company. “If FESCO’s bids were open, it would be easy to privatise other DISCOs too,” he added.

Speaking of national carrier, Muhammad Zubair said that the PMLN-led government reached the last stage in the process of PIA’s privatisation. “Unfortunately, the process of privatisation of all three institutions was reversed’, he regretted.

According to Zubair, the board – which halted the process – was headed by former finance minister Ishaq Dar. “Despite the bids, Ishaq Dar halted the privatisation process,” he alleged.

Zubair also claimed that the Pakistan Steel Mills was handed over to Sindh government on directives of Ishaq Dar. “There is always a political hindrance in privatisation process,” he added.

 



from Latest Pakistan News and Breaking News from All over Pakistan https://ift.tt/pItK6oP
Labels:

Comments

Post a Comment

Popular posts from this blog

BISE Malakand announces Matric Exam 2025 toppers

MALAKAND: The Board of Intermediate and Secondary Education (BISE) Malakand has formally declared the names of BISE Malakand Matric Toppers 2025 on Wednesday, July 30, 2025, lauding the students’ academic intellect across the region. According to the results, Malakand Board Toppers from both the Science and Humanities groups across the region secured the positions. This year’s BISE Malakand Matric toppers have proved an extraordinary performance in the Matric Annual Examination Part-I. Saman Wahab, a student from Hira School and College, Dargai, emerged as the winner in the list of BISE Malakand Matric Position holders by scoring an excellent 1169 in the science group. Huma Hameed, a student from Muhsanat Academy, Sangolai, achieved the top spot in the Humanities Group with 1094 marks. Science Group Toppers Name Institute Position Marks Saman Wahab Hira School and College Dargai, MKD 1st 1169 Komal Mehboob Qazi PIMS School and Girls College Biari, Dir (L) ...
Post a Comment
Read more

President Zardari meets envoys of five countries, stresses global ties

ISLAMABAD: President Asif Ali Zardari highlighted the need to strengthen bilateral cooperation with Sri Lanka, Indonesia, Kyrgyzstan, Austria, and Germany as he greeted their recently appointed ambassadors at Aiwan-e-Sadr, ARY News reported. During the meeting, the appointed ambassadors formally presented their diplomatic credentials. Pakistan Armed Forces celebrated the ceremony with a guard of honour. In one-on-one meetings with the High Commissioner-designate of Sri Lanka and Ambassadors-designate of the other nations, President Asif Zardari stressed Pakistan’s commitment to strengthening bilateral cooperation in different sectors, including trade, economy, and culture. Asif Zardari expressed his best wishes to the diplomats on their new roles, hoping that their tenure would strengthen relationships and foster regional partnership. The ceremony was attended by the diplomats of different nations, including Rear-Admiral H.L.A. Don Fred Senevirante from Sri Lanka, Chandra Warsenan...
Post a Comment
Read more

Pakistan floods: South Asia’s monsoon explained

Floods in Pakistan have killed more than 1,000 people after what its climate change minister called a record unbroken cycle of monsoon rains with “8 weeks of non-stop torrents”. AFP explains what the monsoon is, why it is so important and yet so dangerous, and how climate change and other man-made effects may be altering the vast life-giving but destructive annual weather system. What is the South Asian monsoon? The Southwest or the Asian Summer Monsoon is essentially a colossal sea breeze that brings South Asia 70-80 percent of its annual rainfall between June and September every year. It occurs when summer heat warms the landmass of the subcontinent, causing the air to rise and sucking in cooler Indian Ocean winds which then produce enormous volumes of rain. Why it is important? The monsoon is vital for agriculture and therefore for the livelihoods of millions of farmers and for food security in the poor region of around two billion people. But it brings destruction every ye...
Post a Comment
Read more