Dr. Abdul Hafeez Shaikh chairs meeting of Cabinet Committee on State Owned Enterprises

English Official News Press Information Department

Islamabad, January 20, 2021 (PPI-OT): The Federal Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on State Owned Enterprises (CCoSOEs) here today. Minister for Privatization Muhammad Mian Soomro, Adviser to Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain along with the senior officials from the Ministry of Finance and Ministry of Privatization participated in the meeting. The Committee decided to delist the Pakistan Television Corporation (PTVC) from the list of State Owned Enterprises categorized for privatization.

The decision was taken on the request of the Ministry of Information and Broadcasting. Secretary Information briefed the forum that PTVC is undergoing massive restructuring to make it a financially viable, professionally efficient and technically sound State Owned Enterprise (SOE) to amplify national narrative and formulate favourable public opinion. Ministry of Finance presented a report on Triage of State Owned Enterprises (SOEs) before CCoSOEs.

The Committee, after detailed discussion directed to streamline the existing categories for the Privatization of SOEs and present a roadmap before the Committee. The Committee further directed the concerned Ministers to utilize the interim period effectively and workout options for restructuring including possibility of management contracts, where applicable, and update CCoSOEs periodically. The Committee decided that the forensic audit of major loss making State Owned Enterprises shall be conducted in accordance with the directives of the Prime Minister.

Secretary Finance briefed the committee that Auditor General’s Office is on board and has started collecting data whereas several private sector firms have also shown interest in this regard. The Committee decided that, keeping in view, the large number of entities, the forensic audit task may be distributed among the private firm(s) and the Auditor General of Pakistan as per rules. Secretary Finance updated the Committee on the progress made on Draft SOE Bill 2020. After following due consultative process on the Draft SOE Bill 2020, the Finance Division has submitted the same to the Law and Justice Division. Once draft Bill is cleared, it would be presented before the Cabinet for approval, before bringing it in the Parliament.

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