Zardari for adopting public-private partnership mode in privatization of state-owned entities

ISLAMABAD: President Asif Ali Zardari on Monday advised the government that while adopting public-private partnership mode for the privatization of the state-owned entities, efforts should be made to raise bulk of equity through stock exchanges so as to create wealth for the people and small investors.The purpose of adopting public-private partnership (PPP) mode was to blend national assets with private capital and entrepreneurship in such a manner that optimized the use of national assets on the one hand and protected the interests of consumers, workers and investors on the other.This, he said, during a meeting on privatization proposals at Aiwan-e-Sadr, jointly chaired by President Asif Ali Zardari and Prime Minister Syed Yusaf Raza Gilani.The meting was attended by Waqar Ahmed Khan, Federal Minister for Privatization, Raja Pervaiz Ashraf, Federal Minister for Water & Power, Qamar Zaman Kaira, Federal Minister for Information & Broadcasting, Ghulam Ahmad Bilour, Minister for Railways, M. Salman Faruqui, Secretary General to the President, Shahid Hafeez Kardar.

Governor State Bank of Pakistan, Secretaries of Finance and Privatization Divisions and Spokesperson to the President Farhatullah Babar besides other officials.The meeting deliberated upon various proposals to rejuvenate the state-owned entities and to take forward government’s economic reforms agenda through privatization. Various proposals for turn-around of the loss making state entities through restructuring and financial and operational reforms were also discussed during the meeting.The President said that the government envisaged private sector as the engine for the economic growth and for the generation of much needed employment in the country.This, he said, was only possible when the private sector plays a dominant role in the economic sphere. The policies of privatization, deregulation and liberalization were aimed at economic recovery by enabling the private sector to take a leading role for the rejuvenation of the ailing economy.The meeting asked the State Bank Governor to prepare a plan for restructuring and turn-around of the Pakistan Railways for consideration of the cabinet – App