IMF apprised of privatisation plan for PIA, PSM

WASHINGTON: An International Monetary Fund (IMF) report on Tuesday said that the government of Pakistan has given a timetable for privatisation to IMF according to which privatisation for Pakistan International Airlines (PIA) will be completed by December this year, while for Pakistan Steel Mills (PSM) by March 2016.

Meanwhile, speaking on conference call to journalists in Pakistan, IMF Mission Chief Pakistan, Harald Finger, said that the privatization of public entities in Pakistan is slow, however, the delay process exists in most countries. He added that the restructuring of railways is highly recommended.

He went on to say that distributing companies in the power sector need to be privatised, while the collection of bills needs to increase, theft should be controlled and reduction in line losses should be maintained.

Harald Finger further said that circular debt stands at 2 percent of the GDP and over three years it needs to come further down.