ISLAMABAD: The Ministry of Finance has sought a compliance report from concerned ministries on adoption of business plans and publication of Statements of Corporate Intent (SCI) for 15 largest commercial State Owned Entities (SOEs), well-informed sources told Business Recorder.

In a letter to different ministries, Finance Ministry (Corporate Finance Wing) has noted that Section 8 and Schedule-III of the SOES Act, 2023 and Para-16, 20, 21 and Annex-3 of the SOEs Policy, 2023 stipulate that all the line ministries are required to adopt and prepare business plans and Statements of Corporate Intent as per the given timelines in the SOEs Policy, 2023. The plans are to be shared with the International Monetary Fund (IMF).

As per Section 8 (3) of the SOEs Act and Para-20-21 of the SOEs Policy, 2023 Central Monitoring Unit (CMU) will analyze SOEs Business Plans and SCIs and will present their analysis and recommendations to CCoSOEs.

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Moreover, the government of Pakistan’s commitments with development partners requires that 15 Largest Commercial SOEs (by assets) will ensure the following by the end of September 2024: (i) Adoption of Business Plans; and (ii) Publication of SCIs on the official websites.

After sharing the background, the Finance Ministry has requested all the concerned Ministries to ensure that the stated actions are completed with regard to National Power Parks Management, as per given timeline. The reports in this respect may be sent directly to Central Monitoring Unit, Finance Division by the end of September 2024.

Copyright Business Recorder, 2024