Privatization .28intensified phase: 1999.E2.80.932008.29 Privatisation in Pakistan

shaukat aziz.

after end of government of prime minister nawaz sharif, pervez musharraf invited shaukat aziz take control of declining economy of pakistan. gdp rate had declined 10.0% in 1980s 3.6% in 1999, foreign debt increased 44% compared 1986. major economic reforms introduced shaukat aziz first consolidated industries under 1 platform , restructured them before setting them privatization market. numbers of controversial sales tex enforced shaukat aziz, on import duties; , based on these reforms, patronage-based industries remained under serious threat , privatization discussion began take place on usual based. aziz consistently worked on restructured industries , provided vital leadership , economic relief after 2001 played important role in strengthening patronage-based industries financially , physically.

in 2004, aziz became prime minister , initiated intensified privatization programme in order grow gdp rate annually.

aziz forcefully , aggressively pushed 100% privatization of state-owned corporations while virtually planned privatized 85% of banking sector. starting 2003 until 2007, aziz privatized 80% of banking industry private-ownership enterprises, while privatizing numbers of shares of pakistan international airlines , other mega-corporations public circles.

nothing sacred... packaging our companies. (....).... these state-owned corporations (soes) have been well-run past few years.... , offering them investors on world....!

the intensified privatization programme led economic boom of pakistan s economy @ range of 8.96%–9.0% in 2004.

intensified privatization policies had major impact on public sector organization diminished privatization of state-owned corporations. prime minister aziz defended privatization programme maintained these institutions viable while on verge of collapse. . aziz s privatization programme subsequently improved country’s growth rate 6.4%—8.6% year. inflation rate dropped 3.5% in last 3 years against 11–12% in 1990. however, in end of 2007, aziz s privatization programme suffered major set halted privatization programme in country. supreme court halted privatization of pakistan steel mills after transferring inquiry fia nab, while issued standing orders keep steel mills under nationalization programme. proceedings , supreme court s decision halted aziz s intensified , aggressive privatization programme @ end days of tenure.