Fortunately, the privatization process was initiated in 1991 under the Nawaz Sharif Government, continued under the Benazir Government, and further intensified under the Musharraf Government. Thus, there is a wide political consensus and support for privatization because of an underlying belief that the Government should not be in the business of running businesses but regulating the markets and laying down policies.
Pakistan’s record on privatization has been impressive and this has helped in stopping the hemorrhaging of public finances and easing the pressures on fiscal deficit. Financial sector reforms in Pakistan were also initiated early in the 1990s when private domestic banks were allowed to set up their shops along with the nationalized commercial banks.