Government may fetch $2 billion from privatisation proceeds in fiscal year 2008: National Assembly informed

The government expects to fetch 2 billion dollar from privatisation proceeds in next fiscal, Privatisation Minister Zahid Hamid told the National Assembly on Thursday amid opposition's serious reservations about transparency in country's privatisation policy.
The opposition staged a token walkout to protest against the lack of transparency in the privatisation proceeds. Defending opposition's seething criticism, Zahid said the government has so far succeeded earning more than 6 billion dollar through 64 transactions out of which 18 were profit-making entities.
He said around 1 billion dollar foreign investment has come in 11 months this year through privatisation proceeds, as it was the most successful year in terms of privatisation. The minister went on saying that the past governments could earn Rs 158 billion only from privatisation of 102 entities between 1991 and 1999.
Meanwhile, the opposition parties moved some 122 cut motions against Privatisation Commission's demands for grants for next fiscal year and expressed serious concerns regarding the government's privatisation policy.
The opposition protested against the proposed privatisation of Pakistan State Oil (PSO), Pakistan International Airlines (PIA), Pakistan Railways and other vital entities.
The opposition lawmakers said that post-KESC privatisation situation should be an eye-opener for the rulers. Similarly, they said the Supreme Court judgement against the privatisation of Pakistan Steel Mills has exposed the transparency in the government's policy.
They took the government to task over privatising the Pakistan Telecommunication Company Limited (PTCL) and Habib Bank Limited (HBL) at throwaway prices.
Questioning the government's credibility, the opposition members said neither the amount coming through privatisation proceeds was being used to retire foreign debts nor a single penny was being spent to control poverty.
PPP-P legislator Manzoor Wassan demanded of the government to form a seven-member committee headed by a senior Supreme Court judge to ensure transparency in the privatisation policy.
The opposition called for re-nationalisation of Karachi Electric Supply Corporation (KESC) and Pakistan Telecommunication Company Limited (PTCL) and pressed the government not to sell profit-making entities.
However, the government voted out 122 cut motions moved by the opposition against Privatisation Commission's demands for grants for next fiscal.
As many as 668 cut motions were moved by the opposition against demands for grants of interior, religious affairs and water and power ministries but all of them were turned down.
The government pushed through the National Assembly demands and grants amounting to more than Rs 90 billion for four ministries-interior, privatisation, religious affairs and water and power.
The demands and grants for water and power ministry were also opposed on the grounds that the government has neither resolved the problem of water shortage nor the lingering power crisis.
May 12 Karachi carnage once again echoed in the House, as the opposition parties voiced for cut in the interior ministry's budget against countrywide worsening law and order situation.
Muhammad Hussain Mehnati of Muttahida Majlis-i-Amal urged the government to withdraw rangers deployed in Karachi, as it miserably failed to protect innocent citizens on May 12.
The opposition also grilled the Religious Affairs Minister Ijazul Haq and demanded his removal over embezzlements in Haj operations.