Privatisation: How much government has earned in last 4 years

Privatisation: How much government has earned in last 4 years

ISLAMABAD: The federal government led by PM Nawaz Sharif and his deputy Ishaq Dar have revealed the proceeds from the privatisation of the government owned entities in the last 4 years of the incumbent government.

Finance Minister Ishaq Dar told the Senate on Tuesday that the government had sold the following entities in last 4 years.

20 per cent shares of the United Bank Limited (UBL) at a cost Rs38.2 billion,

5pc shares of the Pakistan Petroleum Limited (PPL) at a cost Rs15.34bn,

11.46pc shares of the Allied Bank Limited (ABL) at Rs14.44bn,

41.5pc shares of the Habib Bank Limited (HBL) at a cost Rs102.34 bn and

88pc shares of the National Power Construction Corporation (NPCC) at a cost Rs2.5bn.

The minister was replying to written questions asked by Senator Mohammad Talha Mahmood about the amount received by the government from privatisation of the public sector entities and the details of its utilisation.

“The Privatisation Commission (PC) has completed five privatisation transactions, during the present regime, since 2013 and have generated proceeds of Rs1.73 trillion,” the minister said.

He said the PC remitted proceeds to the Finance Division as deposits in the Federal Consolidated Fund and were spent on poverty alleviation and debt retirement.

The minister said the PC had realised full proceeds pertaining to privatisation transactions executed during the present regime since 2013 and no amount was outstanding in this regard.

The commission, he said, would establish and maintain a distinct and separate Privatisation Fund in which all privatisation proceeds would be deposited.