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ISLAMABAD: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved revised SOE policy on Wednesday.

As the government has committed to the International Monetary Fund (IMF) to improve SOE oversight functions and provide better analysis at the aggregate SOE level, the authorities are advancing the delayed operationalisation of a central monitoring unit (CMU) within the Ministry of Finance (MoF), and the issuance of its first periodic report on the performance of SOEs to the government (by end November 2023).

On Wednesday, the CCoSOEs meeting presided over by the caretaker Finance Minister Dr Shamshad Akhtar as per the directions from the previous meeting of the CCoSOEs. The State-Owned Enterprises (Ownership and Management) Policy, 2023, was re-submitted to the committee for review, after incorporation of feedback received from the members of the committee.

SOEs Policy: CCoSOEs to put up final draft to cabinet for approval

The committee reviewed the changes incorporated in the draft and recommended the revised policy for the approval of the Cabinet.

This policy marks a crucial step towards enhancing the governance and operations of SOEs, aligning with the broader objectives outlined in the State-Owned Enterprises (Governance and Operations) Act, 2023.

The meeting was attended by all members of the committee, as well as, chairman SECP, federal secretaries, and other senior officers from the relevant ministries.

An official said that some minor changes have been in the draft SOE policy and now it would be forwarded to the Economic Coordination Committee (ECC) of the Cabinet for final approval and onward submission to the Federal Cabinet for ratification.

Copyright Business Recorder, 2023

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Love Your Country Nov 16, 2023 09:11am
I very much hope this is not a 'white wash' for the sake of IMF visitors.
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Tee Nov 16, 2023 11:40am
A three pronged strategy is required: 1. Consolidation of SOEs (based on sectors), and splitting them in regional offices (for example: electrity distribution). This would help in achieving an overall result. Plus this would also help in bringing down HR cost (only headoffice would have support staff). 2. Using market competent management from private sector, while government can play supervisory role only (also defining proper performance benchmarks and timelines). 3. CMU can broaden it's scope by defining policies (HR, Finance etc.) and inplementing audits (to further cut down cost of running the SOEs), however, the more we move towards centralization, the chances of corruption multiply. For that matter CMU has to ensure objectivity and assume supervisory role only. Ownership of key SOEs (strategically important) to be ensured at 51% (direct and indirect). While foreign investment can be encouraged to pump additional funds. Ultimately, consistent and educated effort is needed.
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