ISLAMABAD: After the resignation of almost all private members of the Sarmaya Pakistan Limited (SPL), the government has decided to reconstitute the SPL board as it finally seems serious in reviving the loss-making state enterprises.
As per the official statement of the Ministry of Finance, a proposal to reconstitute the SPL Board, along with names and details of proposed loss-making organisations, would be submitted to prime minister soon.
In a meeting, chaired by Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, it was decided that a new list of loss-making state enterprises, which could benefit from active supervision and guidance of the SPL’s professional management, would be submitted to the prime minister through the Cabinet Committee on State-Owned Enterprise in the coming weeks.
On improving the governance structure of SOEs and the role of SPL, the adviser emphasised that immediate attention is required to contain the losses in a number of SOEs, adding that better governance and active supervision would bring considerable improvements on this front.
Noted economists and financial experts, including Shaukat Tareen and Zubyr Soomro, as well as senior officers of the Finance Division, were also present on the occasion.
The decision to revive SPL was made at a time when almost all private members of the SPL Board had resigned.
It is pertinent to mention that the government had earlier appointed eight members from the private sector as SPL directors. These included Musharraf Hai, Kamran Mirza, Nadeem Babar, Zubyr Soomro, Atif Aslam Bajwa, Ehsan Malik, Waqar Malik and Badar Sadat. Besides, the government had also nominated three senior government officials, including the industries and finance secretaries, as board members.
As per the sources, the resignations were tendered as the former directors found the government to be uninterested in reviving the SOEs. “The second meeting of SPL couldn’t be held even after a lapse of several months,” they added.
The SPL, which was formed after the cabinet’s approval on similar lines to Malaysian and Singapore, could not produce anything meaningful since the change of face at the finance ministry.
Former finance minister Asad Umar, even before the elections, was reportedly interested in reviving the cash-bleeding organizations like Pakistan International Airlines, Pakistan Railway and Pakistan Steel Mills. However, sources said, Dr Hafeez Shaikh is “more interested in privatising the SOEs instead of making efforts for their revival”.
As per the objective and design of SPL, all public sector enterprises are supposed to come under this one company.
Reconstitution of SPL Board seem an exercise in futile, wastage of time and money unless you reduce the Govt infrastructure including manpower and their luxurious spending of public money. Presently, their major job is distribution of public money (budget) among themselves in the forms of salaries, fringe benefits, perks, to engage themselves in developing their own PRs.
Instead of indulging in the reconstitution of SPL, right course seem to get rid of all public sector enterprises through privatization as such or public private partnership. In the later case some competent investor be brought in having major share, and rest of share be shared by the workers and the govt.Business enterprises are better managed by the private sector who have experience and have stake. Govt baboos cannot do business. They neither have experience nor stake. In the Govt, days jobs are completed in years time, when in business each moment counts to make or to break.
When I read the above stated narrative, my heart weep that what type of people we have to serve us. They are playing with the public/governance affairs as the children play. Just look at the psyche of these people that when all private sector members resign the SPL Board, they did not feel the shame the least and they are now looking around to search new faces, a few yes men to keep their show going on to befool the public.
I’m retiring wef 31 Oct 19, due to paucity of jobs in pvt sector and unemployment in country, was interested to invest some of my commute in National saving centre. Today, after juma initially, I visited my bank n after that visited National Saving Centre at Rwp, to my surprise their office timings are 0900-1400 on Monday to Thursday and on Friday they are close at 1200 hrs. I was shocked to see that all banks are open till 5 pm whereas NSC is close by mid day!!! Just see the culture and attitude of Govt owned Enterprises. For God sake just through them to pvt sector. None of enterprise will ever give you any profit. Hope we understand this.