Islamabad: The Cabinet Committee on State-Owned Enterprises (SOEs) on Monday provided its approval to a draft law geared to establish a structure that would cut down on the losses incurred by SOEs; which amount to a total of about PKR 700 billion each year, a news source reported.
The law also aims to eliminate undue crackdown by the accountability authorities against the office-bearers of these enterprises. According to the draft law, the National Accountability Bureau (NAB) has provided indemnity to the SOE officials till a secretary-level committee refers the matter to the accountability watchdog.
Advisor to the Prime Minister on Finance Dr Abdul Hafeez, who chaired the meeting of the committee, issued instructions to the ministries and divisions concerned to review the draft law prior to taking it up with the cabinet members.
The draft law was recently approved in principle and will be reviewed by the Finance Division and the Ministry of Law, separately. Finally, it will be forwarded to the federal cabinet for approval.
