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Govt decides to expedite privatisation process

September 15, 2019
 
Privatisation of NBP and State Life currently under consideration



Adviser to PM on Finance Hafeez Sheikh said on Sunday that the government has decided to expedite the process of privatisation of some state-owned enterprises.

Sheikh said so while speaking at a press conference in Islamabad. He said currently the privatisation of the National Bank of Pakistan and the State Life Insurance Corporation of Pakistan is under consideration.

The PM's adviser said the economic indicators were "worrisome", when the incumbent government took over the reins of the country. He said the country was going to be bankrupted because of the past policies.

"We improved the economic situation through financial reforms," Sheikh said. "The current account deficit was reduced by 73%."

He said the government froze the defence budget and set a target of Rs5,500 billion tax collection.

The PM's adviser told reporters that Rs580 billion worth of taxes have been collected so far this year, while the number of tax filers has increased to 2.5 million from 1.9 million.

"Circular debts were reduced by Rs100 billion and power theft was contained," he noted. "The government is working for the people of Pakistan."

Sheikh, however, said that no compromise would be made on the matter of taxation.

He said tough financial decisions were made for the welfare of the people. "The economy of the country has moved towards stability from a crisis."

The finance adviser said that rupee is currently stable and the stocks have also improved.

He further said the government is currently taking measures to promote investment.

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privatisation, Hafeez Sheikh, government, economy, NBP, State Life, National Bank of Pakistan, finance adviser
 
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