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ISLAMABAD, Aug 12 (APP):Minister of Finance, Revenue, and Economic Affairs, Muhammad Aurangzeb, on Tuesday highlighted a key reform introduced by the government in the pension system.
Responding to queries raised by the lawmakers, he stated that the government had implemented a new system aimed at reducing pension liabilities and improving financial stability.
He also highlighted the financial losses incurred by state-owned enterprises (SOEs) and the government’s ongoing efforts to address these issues through reforms and privatization.
“The privatization of 24 state-owned enterprises has been handed over to the Privatization Commission. We are working on transferring these entities to the private sector to improve their performance and efficiency,” Aurangzeb said.
He explained that eight among of these entities had already been earmarked for privatization during this fiscal year.
Addressing the governance challenges within these enterprises, the minister pointed out that a new governance framework was being implemented to ensure better management. “The private sector’s involvement can bring fresh perspectives and efficiency,” he noted.
Aurangzeb also praised the public-private partnership model introduced by the Sindh government and noted that such initiatives not only improve service delivery but also enhance the role and effectiveness of the private sector in governance and development.
He said that, while the government was focused on minimizing losses from SOEs, efforts were also underway to ensure that the savings were reinvested in crucial sectors like health, education, and social protection. “If we can redirect these funds into social sectors, it will benefit the public and contribute to long-term economic growth,” he said.
He also stated that he had always been present for meetings and discussions in the Finance Committees of both the Senate and National Assembly. “My accountability lies with these committees, and I have always been ready to answer any questions about the government’s financial policies,” Aurangzeb concluded.