LAHORE: Pakistan’s top businessman Mian Mohammad Mansha on Friday renewed his call for privatising the public sector enterprises (PSEs), in general, and power generation and distribution companies, in particular, “rationalising” energy and fuel prices, and cutting the size of the government to pull the economy out of its troubles.

“The federation would wither unless economy was improved quickly,” he told a gathering of businessmen, civil society and journalists at a seminar on ‘Investment Climate: Way Forward and Role of Media.’

“Bangladesh separated from us because of economic deprivation,” he said.

Mian Mansha said private sector would start investing once structural reforms in power and other sectors were implemented and price distortions removed.

“This will create jobs, which will take care of the law and order problem of the country.”

As an example, he pointed out that at least 11 different gas tariffs existed in the country.

“It is because of these (price) distortions that people prefer investing in CNG and fertilisers (rather than in power generation and industry).

“It is not the job of a government to determine energy prices, which should be (totally) deregulated,” chairman of the Nishat Group said.

He warned it was “now or never” situation for Pakistan to turn its economy around.

“If we don’t act now to repair the economy, it will never be able to recover,” the country’s largest taxpayer, textile exporter, investor and employer told the participants.

He rejected the view that hydel power generation was cheap.

He challenged the claim that electricity produced from the proposed Bhasha Dam would cost just 16 paisa per unit.

“It will not cost less than Rs9-10. I am not against construction of dams or hydel power. But some people are deliberately misguiding the nation on the issue of cost of hydel power.”

Mian Mansha, who also has a big stake in power generation and advised Prime Minister Nawaz Sharif and his economic team on its energy policy, was unhappy over allegations in the media that his power companies had benefited the most from government’s decision to pay unpaid bills of the power sector.

“Only four per cent (of the total amount of over Rs380bn paid to wipe out the unpaid bills of private power companies) was given to our companies while we produce 10pc of the total electricity,” he claimed, challenging his critics to prove him wrong.

He was quite critical of what he called as irresponsible reporting and commentary (on the economic issues and against his businesses) by the media, wondering as to who would want to invest in such circumstances.

He said the uncalled for criticism was forcing business groups to start venturing into the media industry as an “insurance policy” (against hostile comments against them).

“Don’t force us to do this. Let us do our job,” he said, frustratingly.

“If media didn’t start acting responsibly, I would also have to think of breaking into this territory,” he said.

He also accused a provincial government (probably Sindh) of working against the Gaddani Coal Power project.

“A group of journalists has already started writing articles in newspapers against the project at the behest of a provincial government. The purpose is to make this project controversial like Kalabagh Dam through such articles and media campaigns,” he said.

He said Bangladesh had achieved an economic miracle and built a model garment industry although it did not have resources for it.

“It is because the Bangladeshi politicians have developed a sort of consensus to keep the economy out of their factious fights. They will fight with each other but will never hamper economy.”

Another top businessman Syed Babar Ali said the government had no business being in the business.

“It is the job of the private sector,” he said, adding the Soviet Union had collapsed because of state control over businesses. He argued that the government’s job was to provide business climate to attract investment.