ISLAMABAD: In a significant move towards enhancing governance, transparency, and efficiency in state-owned entities, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the Procurement Policy of the Export-Import (EXIM) Bank of Pakistan for the year 2025. The policy has been formulated to introduce modernization and efficiency in the procurement process of the bank, and also to ensure full compliance with the laws of the country and international best practices.
The meeting headed by the Federal Minister for Finance and Revenue, Muhammad Aurangzeb and attended by senior representatives of key ministries, divisions, and regulatory entities. Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry were also present in the meeting through online connectivity.
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According to official sources, the new procurement policy framework is in compliance with the State-Owned Enterprises Act, 2023, and also adheres to international procurement best practices as defined by the Chartered Institute of Procurement and Supply (CIPS), apart from the rules defined by the Public Procurement Regulatory Authority (PPRA). The new procurement policy is expected to introduce more transparency, accountability, and efficiency in the procurement operations of the EXIM Bank, which plays a very important role in the export-based economic development of Pakistan.
According to government officials, the policy would help the EXIM Bank function with better institutional clarity, overcome procedural delays, and make value-for-money procurement choices. This development is also seen as a part of the overall efforts of the government to reform state-owned enterprises through better governance structures and management practices.
n addition to approving the EXIM Bank’s procurement policy, the committee reviewed and cleared several important agenda items submitted by the Ministry of Commerce. These included the filling of vacant leadership positions across key public-sector insurance and trading entities. The committee approved the appointment of a Chairman and one Independent Director to the Board of the National Insurance Company Limited (NICL), filling long-standing vacancies.
Similarly. approval to appoint independent directors for State Life Insurance Company(SLIC) and Trading Corporation of Pakistan (TCP) to fill one of its two vacant board seats. According to officials, these appointments are expected to improve board oversight, corporate governance, and decision-making in these entities.
One of the key takeaways from this meeting was the committee’s recommendation regarding the future shape of the Pakistan Tourism Development Corporation (PTDC). After carefully examining a comprehensive business plan submitted by the Ministry of Inter-Provincial Coordination, the committee approved the preservation of PTDC’s essential activities in the shape of a lean and right-sized “centre of excellence.”
One of the key takeaways from this meeting was the committee’s recommendation regarding the future shape of the Pakistan Tourism Development Corporation (PTDC). After carefully examining a comprehensive business plan submitted by the Ministry of Inter-Provincial Coordination, the committee approved the preservation of PTDC’s essential activities in the shape of a lean and right-sized “centre of excellence.”
Under the new framework, PTDC would be repositioned to function as a national platform for tourism promotion, branding, and intergovernmental coordination. The new entity would function as the representative of Pakistan for international tourism promotion, facilitate policy-making, and coordinate marketing and branding activities to improve the international image of Pakistan’s tourism sector.
According to the committee, the new PTDC would function with a rationalized staff composition and a new Board of Directors to ensure that it meets the governance requirements while maintaining its efficiency. This initiative has been termed as a step towards promoting “Brand Pakistan” internationally through a more focused and professional institutional setup.
However, the committee also tasked the Ministry of Inter-Provincial Coordination to prepare a separate proposal, in consultation with the Law Division, regarding the mechanism for funding the proposed structure of PTDC. The ministry was also asked to explain the plans for the administration of the assets presently managed by PTDC.
In conclusion, the measures approved during the CCoSOEs meeting are a testament to the government’s continued efforts to ensure the reform of state-owned enterprises and align public sector institutions with contemporary standards. Experts believe that these steps will help to improve the credibility of institutions and will also have a positive impact on development goals.
