Minister for Finance and Revenue Miftah Ismail Wednesday said better laws and good governance were the only ways to expedite the privatization process in Pakistan.
“There are two basic things we need to work on, that is to come up with better laws and better ways to privatize State Owned Enterprises, and to improve their governance,” he said while addressing a seminar on SOEs reforms organized by the ministry of finance here.
He said some State Owned Enterprises such as Roosevelt Hotel had been part of the active privatization list for decades but could not be materialized due to the inefficient privatization laws. He said generally the management of the State Owned Enterprises was professional but the poor laws were the main obstacle which actually governed these enterprises.
He said the country’s top profit making State Owned Enterprises such as Sui Southern Gas Company, Pakistan International Airlines, Oil and Gas Development Company, and the power distribution companies were yielding outstanding performance but their performance slowed down and many of them were incurring losses now.