Privatisation in 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.
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] 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.
[4] As an aftermath of 1988 general elections, Benazir Bhutto and the peoples party returned to power, promising to denationalised and replace with the industrialisation programme by means other than the state intervention.
[10] The objective was to integrate the savings of numerous private investors into the stock market, enhancing its stability and standards, a necessity identified since the early 1980s.
[10] The partial privatisation was kick started by Chief Minister of Punjab Province Nawaz Sharif who presided the liquidation of many industrial units put under provisional government to private sector.
[4] A large-scale privatisation programme was launched on 22 January 1991 as the primary economic policy by Prime Minister Nawaz Sharif who came to national power after securing a flight-winning victory in the 1990 general elections.
[14] The recklessness and favouritism shown in privatisation of the industrial and banking units by Prime minister Nawaz Sharif was to become the hallmark and the rise of strong business oligarch who have concentrated enormous assets, further increasing the wealth gap in Pakistan and contributing to the political instability.
"[17] After 1993 general elections, the second phase of the privatisation programme began in 1993 under the "disciplined macroeconomics policy"[18] of Prime minister Benazir Bhutto.
[14] The second phase involves the privatisation of financial institutions, several telecommunications corporations, thermal power plants, oil and gas sectors.
[12] Benazir's government did not privatize all state corporations, especially those who were collecting large revenues abroad; only certain industries were privatised which were at the brink of financial collapse.
[16] The first attempt was made to privatise the United Bank Limited but the proposal met with great hostility by the workers union and opposition.
[19] By the end of 1996, ≈20 industrial units, one financial institution, one electric power plant and 12% shares of Pakistan Telecommunications Ltd. were privatised by Benazir Bhutto.
[26] The proceedings and Supreme Court's decision initially halted Aziz's intensified and aggressive privatisation programme at the end days of his tenure.
[29] The general perception remains highly contentious and polarising issue in the civil society, gearing up the negative sentiments among the population, including the continued injection of public money in many privatised entities and less than expected improvement in the services.
[35][36] The Pakistan Peoples Party's intellectuals remains skeptical about the privatisation programme and targeted the controversial implementation on numerous occasions.
[37] The peoples party maintained that "an elitist or top-notch educational system" which exceedingly comprises private sector's foreign affiliated schools and universities, has built the "sole source" of producing some proficient minds.
