By WEB DESK: Federal Finance Minister Senator Muhammad Aurangzeb reaffirmed the government’s commitment to reducing expenditures and increasing revenues to strengthen the country’s economy sustainably, according to a report by the state-run APP on Tuesday.
Speaking at a press conference in his hometown, Kamalia, the minister announced that the federal government would close down redundant ministries or departments that have been devolved to the provinces. This measure aims to significantly cut costs and improve efficiency.
He noted that the prime minister has already declared the closure of the Pakistan Public Works Department, which is expected to alleviate the government’s financial burden.
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Additionally, the government plans to privatize state-owned enterprises (SOEs), which have heavily drained the national exchequer. The minister highlighted that about 24 SOEs are slated for privatization in the coming years.
He cited Pakistan International Airlines (PIA) as an example, pointing out its substantial liabilities that have been transferred to the government. Privatizing SOEs is anticipated to reduce financial strain and enhance operational efficiency.
The minister also announced ongoing efforts to outsource airport operations, with Karachi airport expected to be transferred to the private sector by July or August this year, followed by Lahore airport
