LAHORE: Lahore Chamber of Commerce & Industry President Ijaz A Mumtaz has urged the government to restructure the public institutions, causing heavy loss to the national exchequer
Ijaz A Mumtaz said that though Pakistan Railways and Pakistan International Airlines (PIA) were given bailout packages but situation in the other institutions was quite disappointing. He said that keeping in view the massive loss of around Rs600 billion annually being caused by the Public Sector Enterprises (PSEs), the government should take measures on war footing to make these organisations profitable or go for the option of privatisation.
The LCCI president said that in the advanced economies like the United States, United Kingdom and Japan etc, the role of PSEs is minimal and the private sector is the most important instrument of socio-economic prosperity, and there is continued growth of privately-run corporations.
The LCCI president suggested formation of a committee of experts from public and private sectors to revisit strategy and adopt methods which provide a new impetus to the PSEs. He said that the committee should go deep into the broader political philosophy and vision under which the PSEs will be required to play their role in the new competitive environment.
