ISLAMABAD - Minister of State for Finance, Revenue, and Power Ali Pervaiz Malik said on Saturday that to make the current IMF program the last, Pakistan must supplement it with comprehensive economic reforms.
Speaking to a private news channel, he said the government was following challenging yet necessary path towards long-term stability under the leadership of Prime Minister Shehbaz Sharif. The Minister said that the positive indicators of economic revival, such as the improved performance of the stock exchange and reduced inflation were evident. He credited these gains to the government’s decisive economic measures.
The Minister outlined several initiatives aimed at cutting government spending, including reducing the Public Sector Development Programme (PSDP) funding and shifting towards public-private partnerships.
The government is also rightsizing by eliminating redundant departments and privatizing state-owned enterprises, he added.
A significant part of the reform strategy involves the privatization of distribution companies (DISCOs) and generation companies (GENCOs). The Minister said that inefficient and obsolete furnace oil plants, which currently incur costs despite being non-operational, would be scrapped, auctioned, or liquidated.
He added that efficient plants would be put on a privatization model. Following the privatization of Pakistan International Airlines (PIA), plans are underway to privatize Islamabad Airport, with subsequent plans for Lahore and Karachi airports. This broader strategy aims to streamline operations and improve efficiency in key sectors, he said. Minister stressed that these reforms were crucial for correcting economic orientation and achieving long-term stability.
