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The Institute of Chartered Accountants of Pakistan has opposed privatization of distribution companies

The Institute of Chartered Accountants of Pakistan (ICAP) has opposed privatization of distribution companies (DISCOs), and termed it harmful if done with the existing infrastructure. “DISCOs wished more relaxation in losses rather than improving ill performance, he said, suggesting not agreeing with the IMF on privatization of DISCOs. Instead, [Economic Advisory Committee and power sector specialist Salman Amin] recommended separating the transmission and distribution business of DISCOs in the next four to five years.”

More privatization is on the way

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), hints that more privatization is on the way. “The governor made this known to journalists at a press conference to mark the end of the annual meetings of the International Monetary Fund (IMF) and World Bank, in Bali, Indonesia.” He said, “On this issue of whether more and more of this will be coming, I am aware as a member of the national council on privatization that more is coming and I believe in due course the BPE will make this available for us.”

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Public development banks: towards a better model

Development banks have become a critical component of the effort to build up poorer economies, but their ways of working are flawed. As a result, their contributions can do more harm than good. many governments are calling on them to expand their contribution in key areas such as sustainable infrastructure, agriculture or industrialisation. In recent years some national Public Development Banks (PDBs) – particularly from BRICS countries (Brazil, Russia, India, China and South Africa) – have emerged as international actors by expanding their remit to financing projects in other developing countries. Not all PDBs succeed, and even the successful ones carry the risk of major negative impacts on development – sometimes due to external factors beyond their control, but more often because of flaws in their design and operation. As a new Eurodad report – published this week as the IMF and World Bank gather for their Spring Meetings in Washington DC – shows, inconsistent performance is partly down to the diverse mandates, roles and operational strategies of the institutions themselves. Eurodad believes some PDBs are failing because they have lost sight of why they were created.

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