Finance Minister designate Asad Umer reveals the PTI government 100 days economic plan
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ISLAMABAD– The finance minister to be PTI MNA elect Asad Umer has hinted at the economic policies of the new incoming government.
The incoming government plans to remove government control from about 200 companies in an intitial attempt towards mass privastisation.
Asad Umar, finance minister-in-waiting, told Financial Times his government would place Pakistan’s major state-owned enterprises, including the national flag carrier, into a special fund to be managed at arm’s length from the government.
“[The] corporations will all be put in a wealth fund, which will be led by people from the private sector. We plan to transfer government owned companies under the control of the wealth fund within our first 100 days,” he said.
Umar said the fund would be used to revive loss-making or under-performing state-owned enterprises, citing the Pakistan International Airlines (PIA) as one company that needed to be restructured.
He had earlier said the new government was considering every option available, including approaching IMF for a loan, which would be the country’s 13th bailout from the fund.
"No option including IMF is ruled out," he said.
Pakistan’s economy has hit severe turbulence over the past year and most analysts expect the nuclear-armed nation to seek a bailout, either from the IMF or closest ally China, to avoid a currency crisis.
