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Nijkari/Privatization
The Privatization process in Pakistan[1] (sometimes referred
to as Denationalization programme[2] or simply the Privatization in
Pakistan)[3] 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 Soviet Union in 1989-90.[4] 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.[4]
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[5] 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.[6] 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.[6] 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.[7] 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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