Finance Ministry Initiates Consultant Recruitment for SOEs

The Ministry of Finance has announced the commencement of a consultant recruitment process to reform State-Owned Enterprises (SOEs).

According to the official statement, the ministry is seeking a consultant to enhance and advance SOEs under government ownership.

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The proposal evaluation process will occur in two stages. Initially, a technical assessment will be conducted on the required documentation for submitting the Terms of Reference (TOR). The consultant selection criteria include being the lowest bidder with a score exceeding 80 per cent in this initial phase.

Prospective consultants are required to submit their TOR by the upcoming Tuesday deadline.

Currently, there are 32 companies under government ownership. However, most businesses either operate with minimal profits or experience losses. In response to operational challenges, managing directors have been appointed by the government to supervise over 20 of these SOEs.

The World Bank has observed that the substantial number of government-owned enterprises warrants a thorough review, highlighting that not all inherently hold significant importance.

As of now, these 32 SOEs collectively employ around 33,000 individuals. The financial responsibility of the government to support these entities is considerable, requiring a substantial annual budget allocation.

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