Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the meeting of the Cabinet Committee on State-Owned Enterprises (CCOSOEs).
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.
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The Committee noted that the Government’s broad-based reform process, including timely completion of SOEs Board of Directors and appointments at managerial positions, along with strict fiscal discipline has significantly improved the performance of SOEs, thus resulting in a reduction of aggregate losses from Rs. 286 billion in 2017-18 to Rs. 143 billion in 2018-19.
These SOEs even registered a marginal profit of Rs. 31 billion during FY 2018-19, excluding the National Highway Authority (NHA). The Secretary of 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 of September 2021.
The CCOSOEs acknowledged the valuable contribution of the concerned Ministries/Divisions, particularly Advisor to the Prime Minister, Dr. Ishrat Hussain, on the 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.
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In his concluding remarks, 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 a 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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