Businesses hope Aurangzeb will successfully negotiate a new IMF deal
Finance Minister’s determination to sell state-owned companies is laudable
Karachi May, 2024: Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said on Tuesday that Prime Minister Shahbaz Sharif has successfully regained the confidence of the lenders and other international institutions.
He said that under PM’s guidance, Finance Minister Muhammad Aurangzeb would successfully negotiate a new contract with the International Monetary Fund, which would positively impact the economy.
He observed that the Finance Minister’s resolve to sell state-owned firms is commendable, as it will help save trillions of wasted rupees to keep these companies artificially alive.
Shahid Rasheed Butt said in a statement issued here today that the country was saved from bankruptcy by the Prime Minister’s efforts, and now the confidence of the international institutions has been restored.
The country also prioritizes investment because it is the only way to overcome its problems.
Shahid Rashid Butt said that the previous governments only relied on tall claims. Still, the present administration is also seriously improving the economy, the results of which are coming to light.
He noted that inflation is coming down, and people are optimistic about better conditions while the business community is on the upswing.
He said that the Finance Minister is sure that the country cannot bear the burden of failed state-owned companies and that it is better to sell them to avoid the annual loss of trillions of rupees.
He said that some elements always oppose privatization for their politics’ sake without considering its economic implications. They are now trying to become obstacles in the process of selling SOEs.
The finance minister should stick to his position and sell all the loss-making government companies without caring about anyone because it is a matter of national security.
There is no such thing as strategic state-owned companies, according to the Finance Minister, who feels that the economy of Pakistan can no longer take the load of state-owned enterprises.
He believes that transferring all state-owned enterprises, regardless of their classifications to the private sector is a very positive stance.
He said that the International Monetary Fund and influential circles do not accept any other economic concept about state-owned firms; therefore, privatization of these enterprises is necessary as soon as feasible.
