PR No. 204 ADB PROVIDES US$ 300 MILLION FORPUBLIC SECTOR ENTERPRISES REFORM PROGRAMME Islamabad: June 28, 2016.
Government of Pakistan (EAD) and Asian Development Bank here on Tuesday signed the loan agreement of US$ 300 million for Public Sector Enterprises Reform Program in Pakistan.
Mr. Tariq Bajwa, Secretary, Economic Affairs Division (EAD) and Mr. Werner E. Liepach, Country Director, Asian Development Bank (ADB) signed the agreement.
The Public Sector Enterprises Reform Program will support the efforts of the Government of Pakistan to improve the performance of Public Sector Enterprises (PSEs), especially the railways sector. The program has four outputs: (i) Restructuring of selected public sector enterprises, especially Railways; (ii) Establishing a conditionality framework for fiscal transfers to public sector enterprises; (iii) Enhancing economic regulatory regimes; and (iv) Support privatization commission in its work. The program will help to improve corporate governance and accountability of the PSEs. It will also facilitate providing fiscal space for development projects by improving public resource management.
Speaking on the occasion, Finance Minister Ishaq Dar thanked ADB for providing vital support to Pakistan, particularly for energy and public sectors reform program. He assured Pakistan’s commitment to scale up practices forimproving the performance of Public Sector Enterprises (PSEs).
The Country Director, ADB Mr. Werner E. Liepach, assured Government of its continued support and appreciated the efforts for taking measures to revamp the economy and steer the process of development in Pakistan. He also mentioned that sustained reforms will help to cope with energy shortage and improve the efficiency of public sector enterprises.