{"id":40876,"date":"2023-12-28T10:30:06","date_gmt":"2023-12-28T10:30:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psms-privatisation-to-benefit-country-zubair-pakistan-observer\/"},"modified":"2023-12-28T10:30:06","modified_gmt":"2023-12-28T10:30:06","slug":"psms-privatisation-to-benefit-country-zubair-pakistan-observer","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psms-privatisation-to-benefit-country-zubair-pakistan-observer\/","title":{"rendered":"PSM’s privatisation to benefit country: Zubair – Pakistan Observer"},"content":{"rendered":"
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\u00a0<\/p>\n

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, former Sindh governor said that the PML-N believed that privatisation of country\u2019s institutions was the \u2018perfect solution\u2019 to financial concerns.<\/p>\n

\u2018There is no other way than privatisation of loss-making institutions,\u201d Muhammad Zubair said, adding that the people of Pakistan were bearing the losses of the country\u2019s institutions.<\/p>\n

He pointed out that former chief justice Iftikhar Chaudhry reversed the privatisation of Pakistan Steel Mills \u2013 which caused a \u201clot of loss\u201d. \u201cThat decision portrayed Pakistan\u2019s negative image at the global level,\u201d he said.\u201c<\/p>\n

Foreign companies, including ones from China, had expressed interest in PSM, and its privatisation would have benefitted Pakistan,\u201d he said.Zubair further said that PML-N had constituted the \u201cbest privatisation board\u201d which also took important decisions. \u201cIt was in our manifesto that up to 70 per cent of institutions should be privatized\u201d, he added.<\/p>\n

He pointed out three big loss-making institutions \u2013 Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM) and FESCO \u2013 which according to him were causing financial problems to the country.\u201cWe had decided to privatise PSM, PIA and FESCO in October 2015,\u201d he said, claiming that they even received bids related to electric distribution company. \u201cIf FESCO\u2019s bids were open, it would be easy to privatise other DISCOs too,\u201d he added. Speaking of national carrier, Muhammad Zubair said that the PMLN-led government reached the last stage in the process of PIA\u2019s privatisation.<\/p>\n

\u201cUnfortunately, the process of privatisation of all three institutions was reversed\u2019, he regretted. According to Zubair, the board \u2013 which halted the process \u2013 was headed by former finance minister Ishaq Dar. \u201cDespite the bids, Ishaq Dar halted the privatisation process,\u201d he alleged. Zubair also claimed that the Pakistan Steel Mills was handed over to Sindh government on directives of Ishaq Dar. \u201cThere is always a political hindrance in privatisation process,\u201d he added.<\/p>\n

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\u00a0 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, former Sindh governor said that the PML-N believed that privatisation of country\u2019s institutions was the \u2018perfect solution\u2019 to financial concerns. \u2018There is no other […]<\/p>\n","protected":false},"author":2,"featured_media":40877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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