Privatise government departments: experts

KARACHI: Leading international and local experts in the energy, power, infrastructure, risk management, and insurance sectors have urged for the promotion and assurance of privatising all government departments to address both the energy and economic challenges of the country. They said this during presentations at a conference titled: “Energy Summit ‘24,” focused on fostering growth, collaboration, and resilience in Pakistan’s energy mix. The event, held at a local hotel in Karachi on Tuesday, was hosted by Fidelity Insurance Brokers/Lockton. They also stressed the need for rightsizing staff in government departments and privatising them to tackle energy challenges effectively. For the past 20 years, Pakistan has consistently ranked among the top 10 most vulnerable countries on the Global Climate Risk Index. Floods have severely compounded the economic challenges of the country, inflicting a severe exogenous shock. The World Bank has estimated Pakistan's flood losses at $30 billion.