Privatization in Pakistan

The Privatization process in Pakistan (sometimes referred to as Denationalization programme or simply the Privatization in Pakistan) was a policy measure programme in the economic period of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalized industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989-90. The program was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalization programme in 1970s— an inverse of the privatization programme.

In the period of the 1970s, all major private industries and utilities were put under the government ownership in an intensified programme, called the nationalization programme that led the economic disaster in Pakistan. Since then, the demand for denationalization gained currency towards the ending of the government of Pakistan Peoples Party in 1977, although a commission was set up by General Zia-ul-Haq government but no denationalization programme began until 1990.

The privatization programme was launched on 22 January 1991 by Prime minister Nawaz Sharif in a vision to promote free-market economic principles, private-ownership and the mainstream goal to attract foreign investment in the country. But, as a result a good deal of the national wealth fell into the hands of a relatively small group of so-called business oligarchs (tycoons), and the wealth gap increased dramatically in the 1990s that halted the programme by Benazir Bhutto. Revisions were made in 1999, and finally launched the much more intensified privatization programme under the watchful presiding leadership of Prime minister Shaukat Aziz in 2004. Finally, the programme was ended effectively at the end of 2007 when ~80%-90% of the industries were put under the management of private ownership of enterprises by Prime minister Shaukat Aziz.

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