Aleem urges immediate privatisation amid economic challenges

ISLAMABAD: Federal Minister for Privatization and Board of Investment Abdul Aleem Khan has underscored the urgent need for privatisation of 15 to 20 institutions amidst the current economic challenges.

Aleem emphasised that the presence of loss-making institutions in the economy acts as a detriment, likening them to termites consuming national capital and exchequer resources annually without a viable solution. He particularly pointed to Pakistan International Airlines (PIA), referring to its unjustified deficit of Rs500 billion over the past five years.

Speaking outside the Parliament House on Thursday after casting his vote in the Senate by-polls, Aleem Khan asserted that the privatisation of such institutions is not a matter of debate but a crucial step for the survival of the country’s economy. He stressed the necessity of decisive actions, including regarding the Steel Mills. On investment prospects, Aleem highlighted Pakistan’s potential to attract both local and foreign investors, emphasizing the need to capitalise on these opportunities.

Addressing the political landscape, Aleem Khan welcomed the meeting between KP Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur and Prime Minister Shehbaz Sharif, underlining the importance of the current five-year tenure to address the country’s challenges effectively.

In a separate development, Aleem Khan chaired a consultative session with financial advisers to deliberate on the divestment of Pakistan International Airlines Corporation Limited (PIACL).

Led by a consortium headed by Earnest & Young, the advisers briefed the minister on the progress and strategies regarding PIACL’s privatisation, highlighting the restructuring and segregation plan approved by the cabinet.

Aleem urged expedited proceedings, stressing PIA’s significant investment potential. Also present were Jawad Paul, Secretary of the Privatisation Division, and Usman Akhtar Bajwa, Secretary of the Privatisation Commission.