Aurangzeb Vows to Place State-Owned Enterprises on Financially Sustainable Path

Islamabad: Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to improving governance, enforcing accountability, and placing State-Owned Enterprises on a path toward financial sustainability and operational efficiency. He was chairing a meeting of the Cabinet Committee on State-Owned Enterprises in the capital today.

According to Radio Pakistan, the Cabinet Committee was presented the Annual Consolidated Performance Report of Commercial and Non-Commercial State-Owned Enterprises (SOEs) for Fiscal Year 2024-25. The report covered detailed aspects of financial and non-financial performance of SOEs, government support and fiscal flows, contribution of SOEs to the exchequer, debt profile, corporate governance and compliance status, business plan assessments, and the proposed way forward under the SOEs Act, 2023.

Earlier, the Cabinet body approved the appointment of independent directors in the Gujranwala Power Company (GEPCO), Jamshoro Power Generation Company Limited (JPCL), Energy Infrastructure Development and Management Company (EIDMC), Independent System Market Operator (ISMO), Islamabad Electronic Supply Company (IESCO), and Tribal Areas Electric Supply Company (TESCO).

Meanwhile, the Finance Ministry has released the Annual Consolidated Performance Report of 77 commercial State-Owned Enterprises, showing a decline of two percent in losses incurred on a year-on-year basis. The report, reviewed by the Cabinet Committee on SOEs, presents the performance of SOEs in aspects such as fiscal flows, debt, governance, and risks. It indicates that SOEs earned a total revenue of 12.4 trillion rupees, while losses worth 832 billion rupees have decreased by two percent compared to previous years. The report also highlights that the losses remain concentrated in a few SOEs, mainly in transport and power distribution.

Sharing the report on X, Adviser to Finance Minister Khurram Schehzad stated that Pakistan’s SOE reform agenda is shifting towards delivery by strengthening public finance sustainability and the establishment of transparency.