PML-N Leader Alleges Billions in Losses Due to Ishaq Dar’s Halt of SOEs Privatization

“Muhammad Zubair Accuses Ishaq Dar of Billions in Losses Due to Halted Privatisation of SOEs”

Former Privatisation Minister Muhammad Zubair has laid blame on former Finance Minister Ishaq Dar for causing substantial financial losses by putting a stop to the privatisation of struggling State-Owned Enterprises (SOEs) during the PML-N’s 2013-2018 tenure.

In an interview with a local TV channel, Zubair claimed that the privatisation of PIA, Steel Mills, and Fesco was at an advanced stage when Dar intervened, resulting in significant financial losses.

Zubair expressed disagreement with several of Dar’s decisions related to privatisation. He recounted the final session of the cabinet committee on privatisation, during which Dar suggested handing over Steel Mills to the Sindh government instead of privatising it. This proposal, according to Zubair, was influenced by the desire of then opposition leader Khurshid Shah of the Pakistan Peoples Party.

Zubair disagreed with Dar’s stance, asserting that commercial entities should be managed by those capable of running them, and it wasn’t the government’s responsibility to oversee them.

Regarding the PIA, Zubair mentioned discussions about its privatisation in parliamentary sessions involving representatives from all parties. However, Dar decided to postpone the privatisation when it seemed the government was moving forward with the plan, citing opposition parties’ concerns about the timing.

Zubair confirmed that the decisions related to Steel Mills and PIA were part of the official record.