Published On: Fri, Sep 22nd, 2023
Published in Category: Islamabad

Fawad Hassan Fawad refutes the impression that the caretaker govt has extended privatization process under some policy

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ISLAMABAD: Caretaker Minister for Privatization Fawad Hassan Fawad has clarified that the process of privatization being pursued by the caretaker government is strictly within the very mandate entrusted upon it by the previous elected government.

Fawad Hassan Fawad was addressing a news conference alongside Caretaker Minister for Information and Broadcasting Murtaza Solangi in Islamabad on Thursday.

The Minister refuted the impression that the caretaker government has extended the privatization process under some policy.

He mentioned the amendment made by the previous government in section 230 of the Elections Act in which the mandate of caretaker government was expanded to continue the policies for the sake of continuity.

Fawad Hassan Fawad said privatization process has certain timelines which cannot be skipped otherwise the financial costs of delay in these transactions will directly burden the national economy causing increase in fiscal deficit and upsurge in inflation.

He clarified that the caretaker government has not added any institution or organization in the list of 'to be privatized' entities rather these are all those which were enlisted after due deliberations by the elected governments.

The Minister said media should avoid baseless news and the government is open for all queries or confusion regarding any issue and it be given chance to respond and clarify the position.

The Minster said the purpose of privatization is to make these entities profitable and add value in their services for the people.

He said PIA was facing financial issues hampering its regular functioning therefore funds were issued within forty hours to meet its needs.

About Pakistan Steel Mills, the Minister said its existing one point million ton capacity will be increased to three million ton after its privatization. Only its operational assets will be privatized and not those outside the operational area.

Speaking on the occasion, the Minister for Information Murtaza Solangi said the situation is clear after the Election Commission of Pakistan's announcement of Thursday regarding the general elections to be held by the end of January 2024.

He said it's a moment of happiness that the democratic process will move on putting the country on the path of stability.