ISLAMABAD (our reporter):- The Federal Government has prepared new legislation to hand over the loss making public companies to some Gulf countries on Government to Government (G2G) basis.

While addressing a seminar, the Minister of State for Finance and Revenue Dr. Ayesha Ghos Pasha has said that the government has prepared a new law for public companies to reduce the government expenditures and to improve the performance of public companies.

She said that reforms in public companies are a very important topic, more than 200 government companies are working in different sectors, some Companies are established under the Companies Act and some under the Act of Parliament. Some companies are in loss, the total loss of government companies is more than one trillion rupees per year, loss-making government companies are the main cause of national financial deficit, she further said.

The Minister of State said that it is the need of time to run a public company according to international standards, the government is paying full attention to generating resources, reducing expenditure and losses. He said that the performance of public companies is better.

There is an urgent need to make, the government has prepared a new law for government companies, it is hoped to get good recommendations from this seminar to improve the performance of government companies. He said that the ministry to monitor the performance of government companies under the new law. A monitoring unit will be set up in the Treasury,

The Ministry of Finance does not want to control public companies, the Ministry is interested in the management and financial affairs of these companies in accordance with the law. There are burdens, Pakistan is facing several financial problems, the country is suffering from financial deficit, government departments need to be activated according to the current needs.

He said that the government institutions have to ensure service delivery, in today’s era all businesses need work, the board of directors of government institutions have to be motivated, besides this, the country needs to be freed from the burden of deficit and debt. .

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