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Asad Umar underscores need for privatisation of loss-making public entities

ISLAMABAD: Former finance minister Asad Umar here on Friday underscored the need for privatisation of loss-making public entities, ARY News reported.

Speaking at Youth Economic Forum, Asad Umar said, “Some state-owned organizations have been placed on privatisation list for last 25 years but neither we privitised it nor improved their conditions.”

He urged the authorities to improve the economic condition of such enterprises ahead of privatisation so that the entities could attract investors. he former minister said that few public entities should never be privitise while some must be privitise.

Asad Umar said, “No one is ready to buy Pakistan International Airlines (PIA), even free of cost.” He further said that privatisation was necessary for the revival of economy.

Read More: PC reviews finalisation of entities to be included in active privatisation programme

Talking about his tenure as finance minister, Asad Umar said that he had presented two bills but he had not put the burden on common man.

The former minister said that the government developed a mechanism in collaboration with National Database and Registration Authority and Federal Board of Revenue to broaden tax net.

The new system would provide details of a person’s assets, vehicles and his journeys abroad, he concluded.

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