Khawaja Asif says closing Pakistan Steel Mills in 1991 could have saved billions
Key takeaways
- Add ARY News on Google AAResize Defence Minister Khawaja Asif has said that if Pakistan Steel Mills had been shut down in 1991, the country could have avoided losses amounting to hundreds of billions of rupees.
- Speaking on the issue of state-owned enterprises on ARY News programme Khabar, Khawaja Asif remarked delay in privatisation of state-owned entities cost billions to the national exchequer.
- Khawaja Asif acknowledged that national priorities had not always been aligned with the country’s actual needs.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Defence Minister Khawaja Asif has said that if Pakistan Steel Mills had been shut down in 1991, the country could have avoided losses amounting to hundreds of billions of rupees.
Speaking on the issue of state-owned enterprises on ARY News programme Khabar, Khawaja Asif remarked delay in privatisation of state-owned entities cost billions to the national exchequer. Referring to Pakistan International Airlines (PIA), he said that delays in its privatisation since 2016 had added an extra burden of Rs600 billion, funds which could otherwise have been invested in development projects.
Khawaja Asif acknowledged that national priorities had not always been aligned with the country’s actual needs. He noted that Prime Minister Shehbaz Sharif is actively pushing forward the privatisation agenda and revealed that GEPCO, FESCO and LESCO are expected to be brought to the market for privatisation within the next three months.