Bogus cure

The West keeps on inventing new panaceas for developing countries like globalization, free trade etc. Privatization is also one of these purported miracle cures for our economic woes. I think the West knows full well that the proceeds from the sales of our national assets will run out in a short time but our national assets will be lost forever.

The claim that privatization makes for more efficiently run enterprises is also dubious. PTCL was once a profitable entity but the now partially privatized PTCL is posting losses of up to Rs5.7 billion, according to reports. PIA, another national asset on the privatization hit list, is now looking likely to be sold. It is often painted as a failing enterprise but I believe that it has been made so deliberately.

Muhammad Javed

Bahrain