PTI aims to resuscitate PSEs by creating wealth fund

The likely finance minister said the PSEs have been bleeding the national exchequer to the tune of Rs1,100 billion losses with Pakistan Steel Mills topping the list

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ISLAMABAD: Pakistan Tehreek-e-Insaaf which got the public mandate to form the next government after the conclusion of the elections is planning to resuscitate cash-bleeding and under-performing public-sector enterprises to receive good prices for their eventual privatizations’.

Also, the incoming PTI government is considering appointing professionals at the helm of affairs in some regulatory bodies, reported Dawn.

The next government’s priority is to bolster the Securities and Exchange Commission (SECP) by appointing two new commissioners since its capital markets are amongst the preferable option to raise money.

An official of the SECP close to the PTI disclosed that one of the appointees is most probably going to be an ex-commissioner of the apex regulator since there are no plans to change the chairman.

The source revealed that the incoming government is hoping to develop the debt market in Pakistan with the assistance of overseas professionals.

According to sources close to the top cadre of PTI, various trusted individuals are coming to Pakistan for providing support and aid their restructuring efforts.

Also, the source shared “The secret to the success of ‘industrial revival plan’ of PTI is to appoint professional to head this venture.”

He added PTI had extended invitations to Pakistani’s who have worked overseas in senior positions at multinationals and conglomerates to comeback.

As per leaked footages of a gathering at a dinner hosted by Mr Munir Kamal, Asad Umar the likely finance minister-designate in PTI’s government is shown discussing future plans to manage the loss-making public-sector enterprises (PSEs).

The likely finance minister said the PSEs have been bleeding the national exchequer to the tune of Rs1,100 billion losses with Pakistan Steel Mills topping the list.

Mr Umar added issues in PSEs were because of politicized government appointees who were managing these units and wasn’t because of overstaffing or cost of labour.

He shared the PTI government will open a wealth fund to which all the PSEs would be transferred to and underlined this model had been a success in Singapore and Malaysia

 

 

1 COMMENT

  1. Transferring assets to a wealth fund is just like passing the hat from one head to another. These institutions needs a new leader. period. nothing else.

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