The Pakistan Economy Watch (PEW) on Sunday expressed concern over rapid privatisation process initiated on the dictates of International Monetary Fund (IMF).
The PEW that hasty sale of national assets to finance budget deficits without a detailed strategy might prove harmful to the economy.
There is no justification in selling state-owned companies that were making profit, said PEW President Dr Murtaza Mughal.
He said majority of the earlier privatisation initiatives failed as most of the buyers were interested in the properties of the organisations sold to them.
The sale of PTCL worked because it was in profit at the time of privatisation process, he observed. Therefore, property dealers and developers should not be allowed to take part in the bidding process, said Dr Murtaza Mughal. Similarly, he said, local investors should be given preference over foreigners who would earn profit in local currency but transfer it abroad in dollars paving way for serious problems.
Those who bought national assets on throwaway prices in the earlier privatisation should be discouraged to avoid allegations of favouritism which the government could not afford, he said.
He said turning around some units that were highly indebted and under-performing to even pay its workforce on time before sale would have been a better option, said Dr Mughal. Those opposing sale of assets say that the government is too focused on short-term interests and prioritises the benefits of a few over the general population as millions will face loss of jobs or income.
