Govt’s reform process significantly improves SoEs performance
ISLAMABAD: The Cabinet Committee On State-Owned Enterprises noted that the government’s broad-based reform process, including timely completion of the state-owned enterprises (SoEs) board of directors and appointments at managerial positions along with strict fiscal discipline has significantly improved the performance of these enterprises, resulting in reduction of aggregate losses from Rs286 billion in 2017/18 to Rs143 billion in 2018/19.
These SOEs have even registered marginal profit of Rs31 billion during 2018/19, excluding the National Highway Authority.
The Finance Division secretary briefed the committee on the performance of the state-owned enterprises (SOEs) over the years.
A comparative analysis was presented from 2013/14 to 2018/19. The finance secretary also informed the forum that the Finance Division is in the process of finalisation of SOEs Report for 2020, which would be finalised by the end of September 2021.
The Cabinet committee acknowledged the valuable contribution of the relevant ministries/divisions, particularly Adviser to the Prime Minister Dr Ishrat Husain on the categorisation of SoEs through triage and drawing up holistic proposals for restructuring and strengthening its operations after robust engagement and consultation with all the relevant stakeholders.
In his concluding remarks, Finance Minister Shaukat Tarin directed the Finance Division to present an updated analysis (till June 2020) before the Cabinet along with the suggestions for a way forward and to form a team of professionals (with relevant experience) to review the performance of the SoEs against the set benchmarks on a monthly and quarterly basis.
Federal Minister for Privatisation Mohammad Mian Soomro, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Husain, federal secretaries and other senior officials participated in the meeting.
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