IMF team briefed on privatisation progress

IMF team briefed on privatisation progress
Published: 17 August 2005

An IMF mission led by Mohsin S Khan, Director, Middle East and Central Asia Department, held just a meeting with Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment, Pakistan. Hafeez briefed the delegation regarding privatisation and investment policies of the government and said that during the last two years the government realised Rs 261 billion as proceeds through privatisation of 27 transactions, whereas during the first three years of General Pervez Musharraf’’s government privatisation worth Rs 36 billion was conducted and the first 10 years of privatisation process had witnessed privatisation worth Rs 60 billion, which reflected a dramatic acceleration and upward trend in the privatisation activity.

He said the process for Pakistan State Oil Company Limited (PSO) privatisation was also in progress. Other entities which are listed for privatisation include KESC, Pakistan Steel Mills, Mustehkum Cement, Javedan Cement, PECO land, NIT Mutual Fund.  He said the government was targeting December 31 for their sell-off.