ISLAMABAD: Pakistan’s former Privatization Minister, Muhammad Zubair, has accused his colleague, ex-Finance Minister Ishaq Dar, of causing substantial financial losses by obstructing the privatization of struggling state-owned enterprises (SOEs) during the PML-N government from 2013 to 2018. Both were part of Nawaz Sharif’s cabinet at that time.
In an interview with a local TV channel, Zubair stated that the privatization processes of PIA, Steel Mills, and FESCO were in their final stages when Dar intervened, resulting in a loss of billions of rupees.
Zubair said that he disagreed with Dar on several privatization decisions. Specifically, he cited the instance of Steel Mills, where the final session of the cabinet committee on privatization was underway.
Zubair Reveals Differences with Ishaq Dar’s Privatization Decisions
Dar proposed handing over Steel Mills to the Sindh government, a move Zubair opposed, arguing that capable entities, not the government, should manage commercial enterprises to prevent further losses.
Zubair revealed that despite the federal government’s attempts to hand over Steel Mills to the Sindh government, lengthy correspondence ensued, ultimately proving futile. The Sindh government agreed to take control with the condition that federal liabilities would be retained, but this decision was later rescinded.
In the case of PIA, Zubair disclosed that discussions on its privatization took place in parliamentary sessions with representation from all parties. However, when the government was poised to proceed with PIA’s privatization, Dar postponed it, claiming that opposition parties deemed it an inappropriate time for the move.
When questioned about holding Dar responsible for the non-privatization of Steel Mills, PIA, and FESCO, Zubair maintained, “It is a matter of record.”
