Lack of competitive environment is link with poor performance of public sector, Says Minister for Finance
Friday, December 2nd, 2011 9:16:44 by Umair Hassan
Lack of competitive environment is link with poor performance of public sector, Says Minister for Finance
Minister for Finance Economic Affairs, Dr Hafeez Shiekh has blamed the poor performance of public sector which is causing Pakistan with lack of competitive environment across the masses.
He was present at a meeting where he spoke boldly regarding the poor performance of country’s public sector including Pepco, Pakistan International Airlines (PIA) and Pakistan Railways, and who are rightly hurting Pakistan with an enormous push behind towards
further structural shadows.
Hafeez Shiekh briefly said about the current scenario which is gradually worsening, “The positive economic indicators are pointing towards a new Pakistan keeping
in view current trends of remittances, exports, revenue collection and other key indicators, Currently we have historic figure of revenue collection, I am glad that Pakistan has good competition laws to promote business environment, competitiveness and protect
the consumers rights.”
Earlier, Rahat Kaunain Hassan, who is CCP Chairman and was present at the meeting also spoke to the media and expressed in detail that how the country is heading in future with so much lack in infrastructure.
She said, “We have busted and fined cartels, which is expected to have a far-reaching impact on the economy. Industries that have been taken on and penalised which include banks (Rs.205 million), cement (Rs.6.3 billion), sugar (proposed max penalty), LPG
(Rs.318 million), poultry (Rs.50 million), edible oil (Rs.50 million), jute mills (Rs.23 million), dredging (Rs.200 million) etc, We believe that the legal battle is part of the due process and CCP would resolutely respond to these legal challenges, Securing
financial autonomy is one major challenge we face. Our law provides for independent funding through tied sources i.e. 3 percent of fee and charges levied by the 5 other regulatory bodies which form part of the CCP Fund. As this has direct impact on our sustainability.”
The aim of this meetings was to in-corporate with different firms from crossways of all sectors of the financial system, legal community, academic circles, autonomous bodies, public projects and other public and private organizations and the Government
of Pakistan.
Short URL: https://www.newspakistan.pk/?p=5428
Posted by Umair Hassan
on Dec 2 2011. Filed under Business, Pakistan.
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