Pakistan needs to improve pace of privatisation: Chairman UIG Mian Shahid

Islamabad: Receding oil prices has facilitated Pakistan to abide by the IMF conditions while providing relief to masses, an industry expert said Tuesday.

Pakistan needs to improve pace of privatisation and other economic reforms to gain confidence of investors and lenders, said Mian Shahid, Chairman United International Group.

While inaugurating UIC branch at EPZA, he said that global oil demand has increased by just one hundred thousand million barrel in 2014 which indicate that prices would remain depressed throughout 2015.

Nawaz Sharif decided to give relief to masses than using funds saved on oil import bill to reduce budget deficit which was a great people-friendly move, he said.

Mian Shahid said that oil price slide will help Pakistan save 600 billion rupees annually which can be used on the social uplift.

Government policies coupled with IMF support and oil prices has started improving local currency which is helping boost confidence, he noted.

He demanded of the government to accelerate power sector reforms, sell bleeding enterprises and give autonomous status to SBP.

Insurance is must for development of the society but its share in GDP is less than one percent which is depressing, he said, adding that share of Islamic Insurance is even less which needs government’s patronage.

Mian Shahid said that water is the most important issue for Pakistan and we have not built any major dam in the last forty years.

Government should go for difficult decisions otherwise economy and masses would suffer, said Mian Shahid.