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Print Print edition: 2024-07-23

NICL, SLICL, PRCL no longer strategic SOEs?

  • Cabinet Committee decides companies did not meet criteria of strategic or essential SOEs
Published July 23, 2024 Updated July 23, 2024 12:30pm
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Photo: APP
Photo: APP
By Zaheer Abbasi
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ISLAMABAD: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided not to categorise National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) as strategic or essential SOEs.

The meeting presided over by Finance Minister Muhammad Aurangzeb considered the summaries presented by different ministries/divisions for the categorisation of their relevant SOEs as strategic/essential or otherwise.

The Cabinet Committee after a detailed discussion decided that NICL, SLICL and PRCL did not meet the criteria of strategic or essential SOEs and would not be categorised as essential for the public sector. The Ministry of Commerce was further directed to explore the Public Private Partnership model for the Pak Expo Company.

Categorisation of commercial SOEs: PM irked by delay in submission of summaries

The committee considered the summary presented by the Ministry of Science and Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA).

The ministry was further directed to constitute its board and operationalise the entity by December 2024.

The CCoSOEs approved the proposals of Aviation Division and Ministry of Communications for the appointment of candidates as independent directors on the boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL).

The committee directed the Ministry of Communications to present proposals for categorisation of these entities at the earliest.

The meeting was attended by Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister for Commerce Jam Kamal Khan, Minister for Law and Justice Azam Nazeer Tarar, Minister for Economic Affairs Ahad Khan Cheema, Deputy Chairman Planning Commission, Governor State Bank of Pakistan (SBP), Chairman Securities Exchange Commission of Pakistan (SECP), federal secretaries and other senior officers of the relevant ministries.

Copyright Business Recorder, 2024

Pakistan Economy SECP SBP Federal Government finance minister Public Private partnership SOEs Muhammad Aurangzeb NICL State Owned Enterprises SLIC Economic distress CCoSOEs PIA holding company SLICL PLICL PPSMB IRADA STEDEC

Comments

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KU Jul 23, 2024 11:23am
Every meeting n resistance on privatization of SOEs is very similar to collective madness, the country's economic meltdown screams for solution, but they feign all-is-well. We are surely so ........
0
M Anwar Khan Jul 23, 2024 12:36pm
What is the fixed criteria for a company to be categorised as strategic and essential to be in the public sector? In several countries even defense production units are in the private sector.
0
M Anwar Khan Jul 23, 2024 12:47pm
@KU, PIA has been very successful public sector company before they started vandalising it. Bhutto nationalised but did not allow plundering. At the end SOEs were profitable except a few.
0
Rizwan Jul 23, 2024 01:06pm
The only thing of strategic value to Pakistan is it's youth unfortunately people in authority are not interested in investing in the youth.
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Colonel Azam Qadri Jul 23, 2024 01:14pm
Excellent analysis and very well researched The Pakistan Government must take heed and take a lead from this discourse
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Colonel Azam Qadri Jul 23, 2024 01:14pm
Excellent analysis and very well researched The Pakistan Government must take heed and take a lead from this discourse
0
Arshad Jummani Jul 23, 2024 02:38pm
The State Owned Enterprises including all prosper and remain profitable only when they have monopoly in that particular field. The momment they face competition they become loss making enterprises,
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M. Sarwar Jul 23, 2024 03:02pm
Every Govt Promise to kill the white elephant, but after passing few days in the Govt Lodges they became habitual of doing nothing & enjoying every minute of their govt., and the white elephant (Steel mills, PIA, Railways, DISCOs, department of research on Potatoes, etc., etc..... =~100 numbers, as per consultant's report on Pakistani white elephant departments in early 2000's) continue to enjoy eating the country. People were crying when Govt decided to sell the PTCL, what happened after its sale? anything lost?
0
Maqbool Jul 23, 2024 09:07pm
There are no strategic SOEs . KEL and Banks and internet n mobiles already sold .
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