ISLAMABAD, Nov 8: Pakistan has targeted $3.5 billion through privatisation of public sector entities in FY2007-08. Talking to newsmen here on Thursday, Federal Minister for Privatisation and Investment, Mohammad Wasi Zafar, said on Thursday that the target achieved for privatisation proceeds for 2006-07 was $2 billion.

He disclosed that from July to November an amount of $440.597 million (Rs26.869 billion) has been received through privatisation proceeds by the Privatisation Commission.

The minister further stated that an impression had been created that privatisation process had been stalled, which was totally incorrect.

The minister said that so far $440.597 million have been received as privatisation proceeds, which was a commendable achievement.

The proceeds relate to UBL GDRs ($85 million), HBL IPO ($196 million-Rs12 billion, Etisalat tranche received on Nov 7 for PTCL privatisation ($133.217 million) and Rs1.6 billion from other privatisation proceeds, which have been deposited into the government account.

He further stated that the total target for the year 2007-08 was around $33.5 billion and hopefully this target would be achieved.—APP