The Cabinet Committee of ISLAMABAD-State Economic Enterprises (CCoSOEs) decided on Wednesday to remove the Pakistan Television Company (PTVC) from the list of State Economic Enterprises categorized for privatization. Federal Minister of Finance and Revenue Dr. Abdul Hafeez Shaikh, chaired the meeting of the Cabinet Committee of State Economic Enterprises (CCoSOEs).
The meeting was attended by Minister of Privatization Muhammad Mian Soomro, Advisor to the Prime Minister on Institutional Reforms and Savings Dr Ishrat Hussain, and senior officials of the Ministry of Finance and Privatization.
The committee decided to exclude the Pakistan Television Company (PTVC) from the list of State Economic Enterprises categorized for privatization. The decision was taken at the request of the Ministry of Information and Broadcasting. Secretary Information informed the forum that it has undergone a comprehensive restructuring process to make PTVC a financially viable, professionally efficient and technically sound State Owned Organization (SOE) to strengthen the national narrative and formulate positive public opinion.
The Ministry of Finance presented a report on the Triage of State Owned Enterprises (SOEs) before the CCoSOEs. After detailed discussion, the Committee moved towards streamlining existing categories for the Privatization of SOEs and presenting a roadmap before the Committee. The Committee also asked the relevant Ministers to use the interim period effectively and develop restructuring options, including the possibility of management contracts where appropriate, and periodically update CCoSOEs.
The Committee decided that the judicial control of State Economic Enterprises, which suffered great losses, should be carried out in accordance with the directives of the Prime Minister. While the Finance Secretary stated to the committee that the TCA Presidency was in office and started collecting data, some private sector firms also showed interest in this issue. The Committee decided that, taking into account a large number of organizations, the judicial audit task could be distributed between the private firm (s) and the Pakistan Lead Auditor according to the rules.
The Finance Secretary updated the Committee on the progress made on the 2020 Draft SOE Bill. After following the necessary consultation process on the Draft SOE Law of 2020, the Finance Department has submitted the same to the Law and Justice Department. Once the draft has been approved, it will be submitted to the Council of Ministers for approval before being brought to Parliament.