September 29, 2020

Govt Adds State Life Insurance and National Bank of Pakistan IN Privatization List

National Economic Research Center

While talking to the press on Sunday 15th of September, Finance minister Dr. Abdul Hafeez Sheikh addressed the issue being raised by experts that the anti-corruption drive initiated by the current government was negatively affecting the business climate. He said that government actions should not be a hurdle for businesses which operate through a proper channel. He added that the government had to take hard decisions to bring the economy on track and to bring stability in the market. However, he also admitted that the current state of the economy has not reached a level where it could attract foreign or domestic investments. He added that investors observe stability in a particular economy for a long time before making any big decisions and Pakistan is moving towards that direction.

He added that Sarmaya Pakistan Company has been restructured in order to speed up the process of privatization. He said that the State Life Insurance and the National Bank of Pakistan (NBP) would be added in the list of companies that are to be privatized and through the restructuring the Sarmaya Pakistan Company, the process of privatization of these companies would speed up further.

He added that the government was taking steps for the betterment of the people and would not bow down to any lobby or personal with vested interests. He added that he is expecting Rs1 trillion in non-tax revenues through sales of a few companies and profits of other state institutions. He added that the privatization effort would help reduce the loans and would enable those institutions to work to their full potential.

National Economic Research Center

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