September 21, 2020

Professionals Needes In State Owned Enterprises To Contain Losses: Dr. Abdul Hafeez Sheikh

While Chairing a meeting on Thursday, Finance Minister Dr. Abdul Hafeez Sheikh said that to improve the governance structure of the State-Owned Enterprises (SOEs), the government has decided to hire more experts and a proposal for restructuring the board of Sarmaya Pakistan Limited has also been submitted to the PM. He added that the officials in SOEs need to be more efficient and control the losses in their respective enterprises. He said that the losses in the SOEs are a huge burden on the economy and effective administration and professional management is needed to change the situation. The State has been dealing with the losses of different SOEs for decades now, which amount to hundreds of billions of rupees every year. The main cause of these losses is mismanagement and continuous political intervention in the SOEs, which gradually decreased the professionalism and effectiveness of the workforce. Experts argue that the government is planning to re-structure the board of Sarmaya Pakistan Limited to speed up the process of privatization of such entities. The government has recently inducted 8 professionals from the private sector into the SPL for the same purpose.

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