Islamabad: Cabinet’s Privatization Committee has given approval to begin privatization process of Pakistan International Airline (PIA), Steel Mill, Heavy Electrical Complex and Electricity Distribution Company including thirty one other institutions. Meeting convened under the chairmanship of the Federal Minister for Privatization and Treasure Ishaq Dar, directed the privatization commission by the Cabinet’s Privatization Committee to ensure the safeguarding of the employees benefits during the privatization process.
During the meeting approval to initiate the government’s 26 % share in the respective government sectors take face financial crisis including PIA, National Construction Company and Pakistan Railway.
During the former government all the government institutions have had faced financial constraints and presently poor governance have further added to the miserable situation. The fiscal budget of the following year has been a burden on a common man. The escalated price hikes have made it difficult for survival.
The idea of privatization by the PML-N led government is not supported by the opponent party. The PTI leader, Asad Umar had earlier said that privatization does not necessarily mean fruitful results. Results vary, he said.