Privatisation process: theres consensus across political divide: - TopicsExpress

Privatisation process: theres consensus across political divide: Dr Waqar December 03, 2014 ZAHEER ABBASI0 CommentsE-mailPrintPDF Secretary Finance Dr Waqar Masood Tuesday maintained that there was a consensus across the political divide on privatisation process. Speaking at Pakistan Institute of Development Economics (PIDE) as chairperson of the panel on progressive reform agenda, he said that the ongoing privatisation process has been undertaken by democratically elected government. He also cited Pakistan Steel Mills (PSM) privatisation, which could not be undertaken and consequently the organisation with Rs 25 billion surplus at that time is now suffering over Rs 120 billion or so losses. He added that the entities such as United Bank Limited (UBL) and Habib Bank Limited (HBL) which were receiving government support after privatisation have been providing support to the government in terms of financial benefits. The Secretary acknowledged that there is need to increase investment in human capital especially in education and health sectors for moving towards inclusive growth. The Secretary Finance also dispelled the impression that the burden of fiscal adjustment was passed on to the poor, adding that no significant adjustment in terms of electricity tariff increase has been made to consumers, using up to 200 units. He added that the electricity cost was recovered from commercial and industrial users and this is from where fiscal adjustment has come about to bring down deficit to 4 percent from over 8 percent. He said the schemes have been launched to support the weaker segment of the society and agreed to the panellists that taxation system should be equitable. He admitted temporary failure of the government in certain parts of Sindh in reaching out to the people affected by famine but maintained that access to food has never been a problem. The Secretary Finance was summarising the presentation of panellists on progressive reform agenda for inclusive growth.

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