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Privatizing PSM
Pakistan Steel Mills has long been a financial burden, topping the list of loss-making governmental institutions. Despite the International Monetary Fund’s (IMF) demands for privatizing state-owned enterprises as part of its new loan program and an existing five-year privatization plan, political parties must prioritize national interests over political gamesmanship. Reducing the national treasury’s burden by privatizing loss-making entities is crucial for the country’s economic well-being.
The privatization of Pakistan Steel Mills has been a contentious issue for over two decades, with little progress. In 2004, the mill’s losses were 780 million rupees. Although the government planned to privatize it, global market changes briefly turned it profitable. However, a 2006 bid to sell 75% of its shares was halted by the Supreme Court. Over the last decade and a half, despite various revival promises, losses have ballooned, reaching 526 billion rupees by July 2023. Annual losses now exceed 20 billion rupees, and liabilities far surpass the cost of establishing a new plant. Continuing to run the mill is akin to nurturing a white elephant. Privatization is the sensible path forward, benefiting both the institution’s performance and the national economy.
Had privatization occurred two decades ago, billions spent on bailouts could have been saved. Modern economies recognize that governments should not run business enterprises but rather create a business-friendly environment and policy framework. With 197 out of 212 state-owned enterprises operating at a loss, costing the treasury a trillion rupees over the past three years, Pakistan can no longer afford such economic experiments. Embracing this economic model without further delay is essential, putting national interests above narrow political gains.
GULAB UMID
Turbat
Take voters for a ride
The Lok Sabha elections are over, and every political party has made promises to fulfil the needs of the common man in order to win votes. However, once these parties emerge victorious, they often fail to fulfil the promises made during their campaigns.
Prime Minister Narendra Modi did the same thing. He won, became the Prime Minister, but none of the promises he made during the 2014 election campaign have been fulfilled, including the promise to deposit Rs 15 lakhs in the bank accounts of every Indian citizen.
JUBEL D’CRUZ
Mumbai, India
Road safety
I would like to draw the government’s attention to the issue of accidents. An accident is a tragedy that knows no bounds.
Different types of accidents occur on roads, in fires and in water, but nowadays, especially due to the negligence and carelessness of our transporters, many precious lives are lost.
On the one hand, there is the carelessness of the drivers. On the other hand, the single-lane roads are becoming a daily problem. It is time for the government to take this issue seriously and act on it properly.
PALWASHA ABDUL JABBAR
Karachi
Box letter
Heatwave
The scorching heat that Turbat endures today is not normal. On May 28, 2017, Turbat recorded the highest temperature globally at 53.7°C. The city consistently sees temperatures exceeding previous records, and now in 2024, we are experiencing the hottest summer ever recorded. These heat waves will become increasingly dangerous and impactful if the government does not take urgent action. Just weeks ago, the roof of a bus caught fire due to the intense heat. Fortunately, the fire was noticed and extinguished before the bus started moving, averting a potential disaster that could have risked many lives. The extreme heat waves in Turbat pose significant health risks, including an increased risk of cancer for its citizens. High temperatures can cause heat stress and dehydration which can worsen underlying health conditions. To mitigate these dangers, we should use water channels in homes and plant more trees. Promoting this technology can help the city safer. It is high time for the government to focus on making cities greener by planting more trees and creating more parks to minimize the impact of heat waves. If we don’t receive these necessary facilities, it’s time to withhold our votes.
ALIA ASAD ULLAH
Balochistan
