ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) declared National Disaster Risk Management Fund as an essential SOE.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the meeting of CCoSOEs at the Finance Division, here on Friday.

The committee considered a proposal by the Ministry of Planning, Development and Special Initiatives for categorisation of the National Disaster Risk Management Fund, a non-profit public-owned organisation working for enhancing resilience to natural disasters, as a strategic SOE under Paragraph 9 of the SOEs (Ownership and Management) Policy, 2023.

The Cabinet Committee reviewed the proposal and decided to declare the entity as an essential SOE.

The committee also considered and approved two separate proposals submitted by the Industries and Production Division for appointment on the Board of Directors of the Pakistan Industrial Development Corporation (PIDC) as well as the Board of Directors of the Pakistan Steel Fabricating Company Limited.

Copyright Business Recorder, 2024