LAHORE, Oct 26: The Privatization Minister Altaf Salim on Saturday said the government has already privatized public sector enterprises to the tune of $600 million to foreign and local businessmen, and more units worth over Rs100 billion are expected to be privatized during the period between November and March.

Addressing businessmen at the Lahore Chamber of Commerce and Industry (LCCI) here on Saturday, he stated privatization of PSEs had been done in a transparent manner in accordance with policy and regulatory framework devised for the purpose. “This is precisely why nobody has gone to courts against any transaction concluded by the government since October 1999. On the contrary, 835 cases were filed against privatization of 102 state-owned units carried out by the previous governments,” he noted. The government has so far managed to get some 600 or so cases against previous transactions cleared.

The minister claimed that privatization was the cornerstone of the economic reforms and policies introduced by the government in order to improve the economy, and not to retire its debt. However, he said, the proceeds of privatization were used to retire expensive debt obtained over the last one decade. He said the PSEs used to eat up about Rs100 billion of national revenue. Privatization had helped reduce these losses, allowing the government some space to divert these funds for social sector development.

The minister said the “successful privatization of NBP through stock market had encouraged the government to adopt this route to corporatize other public sector units by floating their shares on the bourses. It will also help boost the stock markets.”

APP ADDS: Talking about the sale of 51 per cent shares of United Bank Limited (UBL) to the private sector, he said that the remaining 49 per cent shares would also be divested in near future.