Shehbaz Sharif orders privatisation of loss-making government subsidiaries, promote SMEs

ISLAMABAD: Prime Minister Shehbaz Sharif issued directives to prioritise the privatisation of loss-making government-owned entities and to bolster support for small and medium-scale businesses (SMEs) during a meeting on Monday focused on reviving the country’s economy.

The meeting commenced with a comprehensive briefing by the Finance Secretary, shedding light on the nation’s economic landscape.

Prime Minister Shehbaz Sharif underlined the urgency of crafting an emergency action plan to address the prevailing economic challenges. He said that enhancing the economy is the government’s main objective.

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The newly elected PM said he is determined to improve investment opportunities and enhance facilities for the business community. Shehbaz Sharif highlighted the pivotal role of tax compliance in fostering economic growth. He acknowledged the significance of tax refunds worth 65 billion cleared by the Federal Board of Revenue (FBR) on his directives.

In line with his commitment to fiscal transparency, Prime Minister Shehbaz Sharif stressed the necessity of automating the FBR and other important finance institutions to ensure accountability and efficiency in operations. He directed immediate action toward the automation process.

Shehbaz Sharif announced plans to privatise loss-making government-owned enterprises and to formulate a clear strategy for reducing privileges granted to members of government boards.

He also directed the preparation of an action plan for the transition of power and gas sectors to smart metering.

The PM highlighted the importance of promoting SMEs, directing all banks and financial institutions to devise strategies conducive to their growth and development.

In alignment with his vision to streamline governmental operations, Shehbaz Sharif siad that there needs to be a reduction in the government’s size by merging or closing redundant departments. He said it was imperative to formulate a comprehensive strategy in this regard.

The meeting concluded with Prime Minister Shehbaz Sharif’s directive to convene the next session specifically focused on the Federal Board of Revenue.