ISLAMABAD: The Cabinet Committee on State Owned Enterprises (CCOSOEs) Wednesday noted that the government’s broad-based reform process significantly improved the performance of SOEs, resulting in reduction of aggregate losses from Rs 286 billion in 2017-18 to Rs 143 billion in 2018-19.
The reforms included completion of SOEs board of Directors and appointments at managerial positions along-with strict fiscal discipline, according to a comparative analysis from fiscal year 2013-14 to fiscal year 2018-19 presented before the committee by Secretary Finance.
The CCOSOEs, meeting of which was presided over by Federal Minister for Finance and Revenue, Shaukat Tarin, was briefed by the Secretary Finance Division on the performance of the State-Owned Enterprises (SOEs) over these years.
These SOEs have even registered marginal profit of Rs 31 billion during FY 2018-19, excluding National Highway Authority (NHA).
The Secretary Finance further updated the forum that Finance Division was in the process of finalization of SOEs Report for the FY 2020, which would be finalized by the end September 2021.
The CCOSOEs acknowledged the valuable contribution of the concerned Ministries / Divisions particularly Advisor to the Prime Minister Dr. Ishrat Hussain on categorization of SOEs through triage and drawing up holistic proposals for restructuring and strengthening its operations after robust engagement and consultation with all relevant stakeholders.
On the occasion, the Finance Minister directed the Finance Division to present an updated analysis (till FY June 2020) before Cabinet along-with 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 monthly and quarterly basis.
Federal Minister for Privatization, Mohammad Mian Soomro; Advisor to the PM on Commerce, Abdul Razak Dawood; Advisor to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain; Federal Secretary Finance, Federal Secretary Power and other senior officials participated in the meeting.
