State companies instructed not to initiate new projects

State-owned enterprises have been instructed by the Privatization and Corporatization Board (PCB) to halt all projects undertaken by them until the commencement of the new presidential term.

PCB, in a statement on Wednesday, had also instructed state-owned companies and state-shareholding companies against initiating new projects involving huge expenses.

They have also been instructed to against introducing policies and regulations and taking decisions that can alter the income of the company.

Three further instructions have also been given by PCB; no changes to salary and allowance regulations, no changes to policies on the company’s employees, and no changes to the company’s employment structure.

PCB, stressing the need to prioritize the interest of the public at this time, urged to make transparent and responsible decisions.

They also asked the companies to provide all information requested and will be needed by the transitional company – instructing to make easy arrangements for the handover of the necessary documents.