The Secretary Finance Division briefed the Committee on the performance of the State-Owned Enterprises (SOEs) over the years. A comparative analysis was presented from FY 2013-14 to FY 2018-19. The Committee noted that the Government’s broad-based reform process including timely completion of SOEs Board of Directors and appointments at managerial positions alongwith strict fiscal discipline has significantly improved the performance of SOEs resulting in reduction of aggregate losses from 286 billion in 2017-18 to Rs.143 billion in 2018-19. 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 is in the process of finalization of SOEs Report for the FY 2020 which shall 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.
In his concluding remarks, the Finance Minister directed the Finance Division to present an updated analysis (till FY June 2020) before Cabinet alongwith 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 Mr. Mohammad Mian Soomro, Advisor to the PM on Commerce Mr. 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.
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