The Pakistan Business Council (PBC) on Tuesday strongly supported the early privatisation of State Owned Enterprises (SOE).
A statement issued by the PBC said that most of the SOE were losing money and even the profitable enterprises were underperforming.
“The SOE are a major drain on the public exchequer with the quality levels of their service delivery needing major improvements which would not be possible unless they are privatised” read the PBC statement.
Without commenting on the mechanics of the privatisation process, the PBC has urged the government to develop a privatisation strategy for each entity which takes into cognizance the dynamics of the industry in which a particular SOE operates in.
The PBC statement requested the government to ensure that the privatisation process was expeditiously carried out in a transparent manner- SOEs for privatisation were clearly identified and time lines set for them.
The PBC is a not-for-profit business policy advocacy forum registered under Section 42 of the Companies Ordinance 1984. The PBC membership comprises 46 of Pakistan’s largest business groups, including multinationals.
The PBC members contribute more than 12% of Pakistan’s GDP and 15% of the tax collected in Pakistan.