Islamabad January 28 2023: Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Saturday chaired a meeting on role of Pakistan Development Fund (PDF) and State Owned Enterprise (SOEs) at Finance Division.
The meeting discussed the role of Pakistan Development Fund (PDF) and State Owned Enterprises (SOEs) in the light of new SOE Act 2022.
The meeting discussed modalities to improve governance of SOEs and line ministries and restructuring of PDF to re-vitalize its role to promote infrastructure in the country.
The finance minister emphasized on revisiting the role of PDF and SOEs considering business plan, governance structure and financial viability with the concept of accountability to safeguard public assets.
Pakistan is in the process of establishing a Central Monitoring Unit (CMU) within the MoF to improve SOE performance functions and provide better analysis at the aggregate SOE level. Country premier auditing authority Auditor General is conducting special audits, including that of SSGCL, HESCO, and PESCO.
Country is also working towards debt recapitalization and refinancing of two RLNG power plants. Thereafter, the process of equity sale of the two RLNG power plants will be initiated afresh, with proceeds to be channeled to debt reduction and poverty programs. Government is also advancing the privatization of (1) House Building Finance Company Limited, a development finance institution, and aim to complete the privatization process by end-March 2023, and (2) First Women Bank Limited, a public bank with the aim to complete the privatization process by end-June 2023.
Special Assistant to Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed and senior officers from Finance Division attended the meeting, said a press release issued here.