Our staff Reporter ISLAMABAD - Public Sector Enterprises (PSE) should seek refuge in privatisation if they want to operate in an efficient and profitable manner, claimed Mahfooz Elahi, President Islamabad Chamber of Commerce and Industry (ICCI). Elahi said this while addressing the business community at ICCI. He further said that privatisation reduces economic inefficiencies and encourages competition. He confessed that public sector enterprises consume a considerable amount of valuable government resources each year. To be specific, their annual operational losses amount to be 2 per cent of GDP. ICCI President was reacting to the reports and said that these PSEs consume over Rs 500b of public money every year, which could be used for welfare programmes. Referring to the budget speech, Elahi welcomed Finance Ministers commitment to the reformation of the major PSEs. Elahi added that the enterprises that are burdening the economy must be curbed by privatisation. Mahfooz Elahi believed that major public sector enterprises are going through severe financial crisis and cannot suitably run these enterprises. High fiscal deficit, combined with rapid rise in domestic and foreign debt that have doubled in the last three years, demand strict fiscal monitoring by the govt, he emphasised. Accepting the privatisation of the loss-incurring PSEs as a lengthy and hurdle-ridden process, ICCI president said that the exploration of other policy alternatives, during strategy formulation process could prove to be a wise act. He added that Public Sector Enterprises could use good corporate governess and effective monitoring system as tools for effortless operations.