Privatisation in Pakistan

The poverty expenditure rate statistically dropped to 34.5%—17.2% in 2008 as part of the privatisation programme.

The privatisation process in Pakistan,[1] sometimes referred to as denationalisation programme[2] or simply the privatisation in Pakistan)[3] is a continuous policy measure program in the economic period[when?] of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalised industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989–90.[4] The programme was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalisation programme in 1970s— an inverse of the privatisation programme.[4]

In the period of the 1970s, all major private industries and utilities were put under the government ownership in an intensified programme, called the nationalisation programme that led the economic disaster in Pakistan. Since then, the demand for denationalisation gained currency towards the ending of the government of Pakistan Peoples Party in 1977, although a commission was set up by General Zia-ul-Haq government but no denationalisation programme began until 1990.

The privatisation programme was launched on 22 January 1991[5] by Prime minister Nawaz Sharif in a vision to promote free-market economic principles, private-ownership and the mainstream goal to attract foreign investment in the country.[6] But, as a result a good deal of the national wealth fell into the hands of a relatively small group of so-called business oligarchs (tycoons), and the wealth gap increased dramatically in the 1990s that halted the programme by Benazir Bhutto.[6] Revisions were made in 1999, and finally launched the much more intensified privatisation programme under the watchful presiding leadership of Prime minister Shaukat Aziz in 2004.[7] Finally, the programme was ended effectively at the end of 2007 when ~80%–90% of the industries were put under the management of private ownership of enterprises by Prime minister Shaukat Aziz.[7]

  1. ^ "Privatization Commission". Ministry of Informationa and mass-media broadcasting. The Electronic Government of Pakistan. Retrieved 2 June 2012.
  2. ^ Khan, Mubbsher Munawar; Mohammad Zafar Yaqub; Farida Faisal; Muhammad Asim Khan (4 April 2011). "Privatization in Emerging Markets: Pakistan's perspective". Punjab University Department of Business and Commerce. Punjab University Press. Retrieved 1 June 2012.
  3. ^ Akbar, Bilal. "Privatization in Pakistan". Bilal Akbar. Retrieved 2 June 2012.
  4. ^ a b Press Release. "Nawaz Sharif's privatization". Nawaz Sharif's privatization.and Report. Retrieved 1 June 2012.
  5. ^ E-Govt. of Pakistan. "History". Privatization Commission of Pakistan. The Electronic Government of Pakistan. Archived from the original on 23 October 2012. Retrieved 1 June 2012.
  6. ^ a b Press. "Business Oligarch of Pakistan". Tripod nuclues. Retrieved 1 June 2012.
  7. ^ a b Malcolm Borthwick (1 June 2006). "Pakistan steels itself for sell-offs". BBC Pakistan, Malcolm Borthwick. Retrieved 30 May 2012. Pakistan has had the most broad-based structural reform of any country in Asia. Last year, we were the second fastest growing economy in the world after China. We grew at 8.4%