Govt will complete privatisation of SOEs with diligence and fairness: Tarin

Finance minister says govt ready to facilitate textile industry to enhance exports

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has said that the government will complete the privatisation exercise with due diligence and fairness.

He stated this while presiding over the meeting of the sub-committee of Economic Advisory Council (EAC) on state-owned enterprises (SOEs) and privatisation.

A handout from the Finance ministry states that the sub-committee reviewed the portfolio of SOEs for privatisation on the basis of strategic importance, performance, efficiency, and profitability to suggest a way forward.

The members deliberated over the triage policy of the government and discussed the cross-cutting issues related to financial and human resource management in this regard.

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Sultan Ali Allana, a private member of the committee, stated that privatisation was a complex subject matter which poses significant challenges.

Federal Minister for Privatization Muhammad Mian Soomro, and Advisor to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain informed the sub-committee about progress made with reference to privatization of SOEs.  They also apprised the finance minister about various legal and administrative challenges in the way of the privatization process related to different entities.

In his remarks, Shaukat Tarin underlined the need to accelerate the pace of privatisation for bringing efficiency and competitiveness in operations of SOEs. He emphasized empowering and strengthening the board of directors of the respective SOEs so that they can take firm decisions to improve the management of these entities. 

“This proactive approach would ensure that unnecessary delays in privatisation due to multiple stakeholders are prevented,” Tarin said. 

In his concluding remarks, the finance minister stated that the government was fully cognizant of its responsibilities and will adopt a consultative and collaborative approach to complete the entire privatisation exercise with due diligence and fairness.

Privatisation secretary, as well as prominent businessman Arif Habib, participated in the meeting.

Earlier, Shaukat Tarin chaired a meeting held with the representatives of the Overseas Investment Chamber of Commerce and Industry (OICCI) and Pakistan Business Council (PBC). 

In his opening remarks, the finance minister stated that the government was firmly committed to providing incentives to business communities that were targeted and sustainable in the long run. 

“The end goal is to achieve an all-inclusive sustainable economic growth which leads to industrialization, employment generation, export-led growth, and import substitution,” he added.

Meanwhile, a delegation of the Pakistan Textile Exporters Association (PTEA) also called on Shaukat Tarin on Friday.

PTEA Patron-in-chief Khurram Mukhtar commended the recent measures taken by the government to facilitate businessmen and exporters amid the COVID-19 pandemic. He specifically lauded the fully automated system of FBR for disbursement of refunds in an expeditious manner.

The finance minister reiterated the commitment of the government to facilitate the textile sector for enhancing value-added exports. He stressed the need for consolidating fragmented businesses and promoting value-added exports on a competitive basis internationally.

Tarin further stated that the government believed in building a strong partnership with businessmen, traders, and exporters for evolving a roadmap through a consultative process for sustained and robust export-led growth.

The finance minister affirmed full support and cooperation on the occasion. 

 

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