Pakistan to Work on Improving Government Owned Enterprises: IMF
The Pakistani government has attempted to improve the country’s administration, management, and financial efficiency of State-owned enterprises (SOEs), according to the International Monetary Fund.
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Early in 2020, the IMF Technical Assistance Mission noted that the corporate management of Pakistan’s state-owned enterprises (SOEs) was inadequate, which could at least partially explain the SOE portfolio’s performance, which was characterized by low levels of productivity and efficiency as well as substantial financial losses and contingent government liabilities.
In addition, the document explains that the new SOE Act aims to improve the performance of SOEs and reduce their financial risks by upgrading their corporate governance framework.
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The law lays the groundwork for a gradual transition to a more centralized model for ownership and oversight under a newly constituted SOE unit inside the Ministry of Finance, which separates the regulatory and policy roles of the State in regard to its SOEs. The law also provides for an enhanced and more centralized system of property ownership and oversight.
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