Page 64 - CMA Journal (May-Jun 2026)

S ECT O R I NSIG HT S

• The state controlled over 70% of large-scale manufacturing sector, the entire commercial
banking system, and major transport, industrial, and energy enterprises.
1975-79 • Under current regime, further nationalization was halted and policy shifted towards managing

and consolidating existing public enterprises.
• Formation of Pakistan National Shipping Corporation (PNSC) consolidated national shipping
operations and strengthened strategic and reliable transport for state-owned enterprises
(SOEs).
• SOEs became major employers across railways, banking, utilities, telecommunications, and
manufacturing sectors.
1981-93 • The Privatization Commission was established, launching Pakistan’s formal privatization

program.
• Privatization and Liberalization Era, marked by the privatization of many SOEs and a shift in
the government's role from ownership to regulation.

• Creation of Pakistan Telecommunication Authority (PTA) introduced a modern sector-speci c
regulatory authority following telecommunications liberalization.
• Creation of the Securities and Exchange Commission of Pakistan (SECP) and National Electric
1996-2000 Power Regulatory Authority (NEPRA) strengthened independent market regulation and
corporate oversight.
• The National Database and Registration Authority (NADRA) emerged as one of Pakistan's most
successful autonomous bodies, developing one of the world's largest biometric identity
management systems.

• Establishment of the Higher Education Commission (HEC) and Oil and Gas Regulatory
Authority (OGRA) strengthened both autonomous governance and sector regulation.
2002-10 • Signi cant growth in Municipal Development Authorities, Water and Sanitation Agencies
(WASAs), and Urban Infrastructure organizations across major cities.
• Aggregate annual losses of major SOEs exceeded Rs. 250 billion, shifting policy focus toward
governance reforms, accountability, and operational e ciency.
• Government initiated restructuring e orts for major loss-making entities including PIA,
Pakistan Railways, Pakistan Steel Mills, and Electricity Distribution Companies (DISCOs).
2013-18 • More than 170 enterprises have been privatized through completed transactions since the

launch of the privatization program in 1991.
• Pakistan Regulatory Modernization Initiative (PRMI) aimed to improve regulatory quality and
ease of doing business, alongside reforms in governance, transparency, professional
management, board independence, and accountability.
• Expansion of digital governance with e-government services and tech-enabled delivery across
federal and provincial institutions.
• Comprehensive SOE reform backed by ADB, covering 212 enterprises under the 2021
2020-23
Governance and Operations Bill to strengthen discipline, oversight, and performance.
• Establishment of EXIM Bank of Pakistan as a new-generation DFI to support export nancing,
trade promotion, and competitiveness.
• SOEs Act 2023 introduced landmark governance reforms, establishing modern ownership,
oversight, reporting, and accountability frameworks for federal enterprises.

62 ICMA’s Chartered Management Accountant, May-June 2026