950830

Memon terms

privatization

policy as

ill conceived

RECORDER REPORT

HYDERABAD: The Chairman of Labour Task Force Abdul Aziz Memon (MNA) has stressed the need for a transparent privatization policy so that the impending economic crisis could be averted.

Speaking at reception arranged for him by U.B.L. staff union in Latifabad here on Tuesday night, he regretted that the huge loans sanctioned for decades were on political grounds rather than to the deserving parties which had cast their ominous shadow on the national economy and added if the said trand was not immediately stopped the financial institutions particularly banks might go bankrupt.

He observed that the dictations of IMF and World Bank were taken by those countries which had no stable government and said Pakistan had submitted to the said international agencies whereas Bangladesh and India could not be buckled.

Memon sharply criticized what he called the ill-conceived privatization policy and said the privatization of banks under such a policy was neither in the interest of country nor of account holders. He emphasized that they would not accept any unwise step to that effect.

Memon demanded immediate announcement of labour policy without any alterations and ommissions in the draft presented to the prime minister.

Memon maintained that privatization of banks should base on triangle formula to ensure benefit to the labour, government and bidder.

Earlier the regional chief Shakeel Ahmed Shaikh, UBL Labour president Shabbir Ahmed, Tanveer Malik, officers staff welfare President and UBL staff union Joint Secretary Salam Rajput spoke on the occasion.