Govt has mandate for privatization and economic decisions: Shamshad Akhtar

ISLAMABAD: Caretaker Finance Minister Dr. Shamshad Akhtar has said that the decisions with regard to state-owned entities (SOEs) will be held under a prepared list, ARY News reported on Thursday.

Talking to media finance minister said that the caretaker government has been given a legal mandate for privatization and it could take key economic decisions including privatization of state entities.

Finance minister said that the state-owned companies will be removed from subordination of concerned ministries, and they won’t have to accept orders from these ministries.

“A policy has been presented to make the government companies as autonomous entities,” minister said. “The policy has also been displayed at the website of the Ministry of Finance,” Akhtar said.

Caretaker Finance Minister said that steps are being taken for revival of the national economy and profit earning companies are being encouraged. In year 2020 SOEs losses were 500 billion, she said.

“Mostly ineligible officers were posted at the boards of government corporations. The government companies have failed to provide services,” minister said.

Shamshad Akhtar said that the finance ministry continuously bearing losses made by government companies and providing funds to save these entities.

Finance minister said that various governments have re-structured the state-owned entities. The finance ministry will help to fulfill financial losses, she said. Caretaker government has inherited a good law under which a re-structuring policy can be formulated for the government companies, minister said.

“The government have 85 institutions that could earn profit, we will bring a policy to change the state of government companies,” she said. “The state entities should be allowed to function autonomously. We will appoint board of directors of the state companies under the “state on enterprise law” she said.

“A central monitoring unit will be setup for government companies. Strategic companies will be kept with the government while non-strategic companies should be handed over to the private sector,” she said.

“It is upto the cabinet committee to decide, which state company has been strategic, and which is not,” finance minister added.