ICCI welcomes Govt. move to accelerate privatization of SOEs

ISLAMABAD:           The Islamabad Chamber of Commerce & Industry has welcomed the initiative of the current government to accelerate the process of privatization of State Owned Entities (SOEs) as many such entities had become a big burden on the national exchequer and handing them over to the private hands was the optimum solution to save the taxpayers money from unnecessary wastage.
Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that the SOEsincluding Pakistan Steel Mills, PIA, Pakistan Railways and others were a big drain on the taxpayers’ money as government was spending billions of rupees to keep them afloat. He said that early privatization of these SOEs was the best choice to save the national economy from further troubles. He said that government was spending Rs.500-600 billion annuallyon lossmaking SOEs to keep them in running condition that was not a sustainable option. He said that instead of spending this huge amount on bailing out SOEs, government could achieve far better results by spending this amount on health, education and social sector development.

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