Efforts under way to rid economy of loss-making SOEs: advisor to PM

ISLAMABAD: Advisor to the Prime Minister on Privatisation Muhammad Ali said the government is trying its level best to get rid of loss-making state-owned enterprises, which created a huge financial burden on the national exchequer.

The advisor stated this while addressing the ICAP CFO Conference 2026 held under the theme of “The New Playbook – Adapt, Innovate, Elevate” here on Thursday. He said that to catalyse growth in the economy, reforming SOEs is the need of the hour. He said the losses incurred by the SOEs not only increase the government liabilities but also slow down the economic growth. He said the amount that the government spends on SOEs should be diverted to sectors like health and education.

An important policy-focused address, “Bridging Policy and Capital: How SIFC is Enabling Scalable Investment in Pakistan,” was delivered by Jamil Ahmed Qureshi, Federal Secretary, Special Investment Facilitation Council (SIFC), highlighting initiatives aimed at facilitating investment, improving coordination, and enhancing investor confidence.

The conference featured a keynote address titled “From Volatility to Value: Strategic Leadership in Challenging Times,” delivered by Jahangir Piracha, Managing Director, Fauji Fertilizer Company, who discussed leadership imperatives for navigating volatility and converting challenges into long-term value opportunities

Earlier, in his welcome address, Muhammad Samiullah Siddiqui, President of the Institute of Chartered Accountants of Pakistan (ICAP), highlighted the expanding role of Chief Financial Officers as strategic partners in navigating economic uncertainty, driving transformation, and ensuring sustainable value creation. He emphasised the need for finance leaders to adapt rapidly, innovate responsibly, and elevate organizational performance amid fiscal, technological, and geopolitical challenges.

A major highlight of the conference was the panel discussion “Repricing Risk, Rediscovering Value: Pakistan’s Economic Outlook,” which examined economic challenges such as taxation complexities, political volatility, policy fragmentation, liquidity constraints, and access to finance, alongside emerging investment opportunities. The panel comprised Haroon Sharif, Economist; SajjadIftikhar, CEO, Hoechst Pharma; Sajid Mehmood Qazi, Additional Secretary SIFC; and Ashfaq Tola, Former Minister of State, and was moderated by Adil Abbasi, CFO, Mobilink Microfinance Bank.

This was followed by a focused session on “Privatization in Practice: What Attracts Serious Capital?” using PIA as a case study. The panel included Salman Amin, Member, Competition Commission of Pakistan, Aftab Butt, Former CEO KAPCO, and Imtiaz Gadar, CEO, Al Meezan Investment, with Imtiaz Gadar also serving as the session moderator.

Muhammad Zaid Kaliya, Chairman of the PAIB Committee and Council Member, ICAP, delivered a dedicated address titled “Elevate More Heroes,” emphasizing leadership responsibility, talent development, and professional excellence.

The technology dimension of finance leadership was explored through a presentation titled “AI in Action: How Pakistani CFOs Are Using AI for Growth and Resilience,” delivered by Badar Khushnood, CEO, Bramerz.

Another engaging panel discussion, “Rewriting the Rules: Turning Uncertainty into Capability-Led Growth,” focused on the skills required for finance professionals in an era shaped by technology and geopolitical disruption. The panel featured Kamran Rizvi, Consultant, Carnelian; Imtiaz Jaleel, CFO, Tapal Tea; and Moqeem-ul-Haque, External Advisor, McKinsey & Company, and was moderated by Bilal Khan, CFO, Pakistan Oilfields Limited.

The conference also included a refreshing session titled “Pause, Breathe, Laugh: Micro-Moments That Matter,” conducted by Adeel Hashmi, focusing on resilience, well-being, and leadership balance.

A closing dialogue titled “Why Pakistan?” explored the country’s growing potential as a hub for BPO and shared services, featuring Sadia Khan, Head of Finance, Adamsmith International, and Rupert Dehaene, Director, AJR Equity, highlighting Pakistan’s emerging competitiveness in global outsourcing.

Copyright Business Recorder, 2026