KARACHI: The economic policies of privatisation, deregulation and liberalisation, initiated by the government in 1991 on the premise that it was not the business of the government to do business, has been hailed by some quarters and condemned by others.

Given the poor performance of the country on some key development indices, opponents of the policy see no wisdom in continuing with the process. Experts are not sure that the high growth rate seen since 2003 can be maintained.

The biggest question mark over privatisation is that of transparency.

The very first deal — in 1991 — raised eyebrows. The recent decision of the Supreme Court annulling the sale of the Pakistan Steel, is another case in point.

Major political parties have yet to spell out their economic programme in their manifestoes. Response received on Dawn’s queries showed that almost all of them favour a market-based model. But it was hard to distinguish one programme from the other.

Most parties were critical of the government’s policies, saying they favoured the powerful few at the cost of vulnerable segments. These frontline leaders, however, were unable to offer a clear alternative to the current policy.

Economists have their own views. Dr A.R. Kemal, former chief economist of the Planning Commission, said privatisation had neither fetched the real price of the assets nor managed to generate competition in the market. Sartaj Aziz, a former finance minister, believed that the rising disparities were the outcome of mismanagement.

There is a consensus that the government would have to come up with radical measures to arrest a rapid economic decline.

A special report on ‘Privatisation, deregulation and liberalisation’ follows on Pp 10, 11 & 12