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CCoSOEs approve the proposal for the appointment of independent directors for certain discos for the future

ISLAMABAD – The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the Power Division’s proposal for appointment of independent directors for certain electricity distribution companies (Discos) for subsequent submission to the Cabinet.

Senator Muhammad Aurangzeb, Federal Minister of Finance and Revenue, chaired a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) of the Finance Department. The committee approved the Power Division’s proposal for the appointment of independent directors for certain electricity distribution companies, which would then be submitted to the Cabinet. The committee did not approve the Ministry of Railways’ proposal to categorize four railway companies as strategic and essential and directed that a transformation plan for these four companies be submitted to the CCoSOEs. The proposal of the Ministry of Science and Technology was postponed with the order 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 the Ministry of Information and Broadcasting, the CCoSOEs recognized the strategic nature of the Pakistan Television Corporation (PTVC) and the Pakistan Broadcasting Corporation (PBC) and directed the Ministry of Information and Broadcasting to develop a viable to present business plan to the government. committee for the efficient management of these companies.

The meeting was attended by Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Energy 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 officials of the ministries involved.

Meanwhile, Ms. Marilina Armellin, Ambassador of Italy to Pakistan, called on Minister of Finance and Revenue, Senator Muhammad Aurangzeb of the Finance Department, to discuss cooperation and long-term 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 reducing the current account deficit, globalizing the currency, achieving record highs in the stock market 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 working with the IMF mission for a new longer-term programme.

Minister Muhammad Aurangzeb also outlined the government’s strategic initiatives aimed at broadening the tax base by targeting previously untaxed and undertaxed segments. He also reiterated the government’s commitment to privatize several state-owned enterprises (SOEs), starting with Pakistan International Airlines (PIA), followed by major airports. He noted that the government’s policies reflect a shift from aid to investment in Pakistan’s economic strategy. The minister also shed light on Pakistan’s potential in the IT and agriculture sectors and invited Italian investors to explore these areas of investment.

Ambassador Armellin acknowledged the promising economic indicators and appreciated the upward trend in Pakistan’s economy. She highlighted the potential for closer cooperation between Italy and Pakistan, especially 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 long-term cooperation with Italy.