Privatization of SOEs underway to enhance efficiency: Khurram Schehzad

February 14, 2025 (MLN): The privatization of state-owned enterprises (SOEs) is underway to improve governance and efficiency.

This was stated by the Advisor to the finance minister on Economic and Financial Reforms, Khurram Schehzad, while addressing the New Member Ceremony 2025, organized by the Association of Chartered Certified Accountants (ACCA).

Pakistan has achieved economic stability, with the government committed to sustainable growth and long-term economic development, he added.

Discussing the government’s economic reforms, he stated that the International Monetary Fund (IMF) has acknowledged Pakistan’s progress in implementing key economic measures.

“Macroeconomic stability has been achieved, and economic indicators are showing positive trends,” he added.

The Advisor underscored ongoing efforts to increase tax revenues and reduce unnecessary expenditures, emphasizing that fiscal discipline and sustainable growth remain top priorities.

He also mentioned that the government is actively working to attract efficient, export-driven foreign direct investment (FDI) to strengthen Pakistan’s economic foundation.

Regarding public sector reforms, he noted that the government is rightsizing 43 federal ministries and over 400 attached departments to enhance efficiency and reduce financial imbalances.

“So far, 150,000 vacant posts have been abolished where no inductions were planned,” he informed.

He also mentioned the decline in inflation and the increase in foreign exchange reserves as the positive developments for the economy.

Congratulating the entire ACCA Pakistan team and the new members, he acknowledged their achievements and contributions to the finance and accounting sector.

He also extended his congratulations to Ayla Majid on becoming the Global President of ACCA, recognizing her achievement as a proud moment for Pakistan.

He encouraged young professionals to prioritize working in Pakistan.

“Challenges exist everywhere, whether at home or abroad, but with passion, hard work, and discipline, success is achievable,” he emphasized.

He further highlighted that youth are the driving force behind Pakistan’s progress.

“Our youngsters must lead this country. They have immense potential and the responsibility to take Pakistan forward,” he stated.

He urged them to remain hopeful and positive about Pakistan and its economy, emphasizing that their contributions will shape the nation’s future.

Copyright Mettis Link News