CCoSOEs okays proposal for nomination of independent directors for certain Discos for onward submission to cabinet

ISLAMABAD   -   The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the proposal of the Power Division for nomination of independent directors for certain electricity distribution companies (Discos) for onward submission to the cabinet.

Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at Finance Division. The Committee approved the proposal of the Power Division for nomination of independent directors for certain electricity distribution companies for onward submission to the cabinet. The committee didn’t approve the proposal presented by the Ministry of Railways to categorize four Railway companies as strategic and essential and directed to submit a transformation plan for these four companies before the CCoSOEs. The proposal of the Ministry of Science and Technology was deferred with the direction to submit a business plan to the committee regarding the reforms planned by the Ministry of Science and Technology for STEDEC. While approving the proposal of Ministry of Information & Broadcasting, the CCoSOEs recognized the strategic nature of Pakistan Television Corporation (PTVC) and Pakistan Broadcasting Corporation (PBC) and directed the Ministry of Information & Broadcasting (MoIB) to present a viable business plan to the committee for efficient management of these enterprises.

The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister for Economic Affairs Ahad Khan Cheema, Chairman SECP, federal secretaries and other senior officers of the relevant ministries.

Meanwhile, Ambassador of Italy to Pakistan Ms Marilina Armellin called on Minister for Finance & Revenue Senator Muhammad Aurangzeb at Finance Division, to discuss the cooperation and longstanding relations between Pakistan and Italy. The finance minister welcomed the Italian ambassador and highlighted the significant improvements in Pakistan’s economic landscape. He discussed the government’s achievements, in decreasing current account deficit, globalization of currency, the stock market reaching an all-time high and the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He further mentioned that the ministry is currently in engagement with the IMF mission for a new program on longer term basis.

Minister Muhammad Aurangzeb also outlined the government’s strategic initiatives aimed at broadening the tax base by targeting previously untaxed and under-taxed segments. Additionally, he reiterated the government’s commitment to privatize various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) also followed by major airports. He noted that the government’s policy reflects a shift from aid to investment in Pakistan’s economic strategy. The minister also shed light on Pakistan’s potential in IT and agriculture sectors, inviting Italian investors to explore these investment areas.

Ambassador Armellin acknowledged the promising economic indicators and appreciated the upward trend in Pakistan’s economy. She emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors. The finance minister thanked the Italian government for their continued support and reiterated Pakistan’s commitment to longstanding cooperation with Italy.

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