AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

ISLAMABAD: The International Monetary Fund (IMF) is seeking the inclusion of state-owned enterprises (SOEs) - Pakistan National Shipping Corporation (PNSC), Radio Pakistan, and Post Office– under the Finance Division Central Monitoring Unit (CMU) and submission of their periodic performance to the federal cabinet.

Well-informed sources said that the Fund has asked for the inclusion of these SOEs to the list to be monitored by the Finance CMU and their periodic report should not only be presented to the federal cabinet but also to be published.

The periodic report to the federal cabinet would update the cabinet members about the performance of these entities and take measures to mend them.

IMF knows full well SOEs govt’s Achilles heel

The CMU’s role would be very important to ensure business plans of the SOEs are in line with the sectoral priorities.

The government has committed to the IMF in the SBA that to improve SOE oversight functions and provide better analysis at the aggregate SOE level, the authorities are advancing the delayed full operationalization of a CMU within the Ministry of Finance (MoF) and the issuance of its first periodic report on the performance of SOEs to the government (end-November 2023).

They added that the hiring process of the DG SOEs and others has not yet been completed despite applications received simply because of their inability to meet the criteria.

They added that the draft SOEs Policy, 2023, approved by the Cabinet Committee of State-Owned Enterprises (CCoSOEs) is being fine-tuned before submission to the federal cabinet for ratification. They added that the cabinet committee reviewed key elements of the policy in light of suggestions of the previous meetings, including governance structures, performance, and accountability mechanisms.

The caretaker finance minister Shamshad Akhtar has repeatedly stated that the government objective is to reduce the size of SOEs in public sector as well as to make those which remain in the public sector to be more competitive, accountable, and responsive to the needs of our citizens, she added.

She said that the code of conduct for Boards of Governance in the SOEs has to be formulated and implemented in letter and spirit.

This policy will pave the way for a more efficient utilisation of public resources and will enhance the overall economic landscape of Pakistan and ambiguities in the relevant laws and rules have to be corrected to improve corporate governance in the SOEs.

The code of conduct for the Boards of Governance in the SOEs would also be formulated and implemented in letter and spirit. The government believe that due to the mismanagement of the SOEs, the status quo cannot be allowed to continue and dividends have to be improved through enhanced efficiency, transparency, and sustainability of SOEs.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Dabeer Razvi Nov 11, 2023 11:06am
Viability of selling PTV should also be seen. It is unnecessary burden on all Electricity Consumers and very few people may be watching PTV.
thumb_up Recommended (0)
Usman Nov 11, 2023 11:08am
@Cool boy, only if jiyalas and youthias didn't exist.both the times they created issues
thumb_up Recommended (0)
E Nov 11, 2023 06:32pm
Unless pml n keadership is punished for corruption this state of affair may continue.
thumb_up Recommended (0)