Major Achievements:

Outcome:

The Procedure to Regulate Debt and Contingent Liabilities of SOEs and ABs including the reporting templates has been approved by the senior secretary, Finance Division and GO has been issued.

Independent Performance Evaluation Guidelines (IPEG) of SOEs/Abs have been approved by the senior secretary, Finance Division and GO has been issued.

Three Evaluation Research Teams (ERT) have been formed to study the performance of SOEs/ABs and suggest recommendations for improvements.

An Independent Performance Evaluation Committee (IPEC), composed of thirteen esteemed members possessing significant expertise in relevant fields, has been established. The IPEC is tasked with supervising the IPE process, offering technical guidance to the Evaluation Research Team (ERT), reviewing IPE reports, and evaluating assessment scores.

Performance Improvement Strategy (PIS) Report on 4 (four) SOEs have been approved by the Secretary, Finance Division and uploaded to the MoF website. These strategies recommended short-,medium- and long-term measures for the underperforming SOEs.

A Policy and Procedure Manual for Property, Plant, Equipment, and Other Assets (PPE) for State-Owned Enterprises (SOEs) and Autonomous Bodies (ABs) has been developed to ensure effective physical and financial control over fixed assets, including the accurate and consistent application of depreciation. The manual also covers key areas such as accounting for fixed assets, disposal and scraping procedures, asset revaluations, and delegation of authority. It was approved by the Honorable Secretary of the Finance Division and published on the Finance Division’s website.

Output:

123, 129 and 135 SOEs and Autonomous Bodies (ABs) have published and uploaded their audited financial statements for the fiscal years 2021-22, 2022-23, and 2023-24, respectively, on their respective websites as well as the Finance Division (FD) website.

Debt and Contingent liabilities Statement (Covering Fiscal Risk) of 50 SOEs/ABS for FY 2021-22 and 101 SOEs/ABS for FY 2022-23 have been published by MoF.

Aggregated and individual Independent Performance Evaluation (IPE) reports for 10 SOEs/ABs for FY 2021-22, and 20 SOEs/ABs for FY 2022-23 have been prepared, approved, and uploaded to the MoF website, including recommendations for improvement.

Completed Budget process of 71 SOEs/ABs through newly developed SABRE+ system.