Bad governance affected performance of institutions: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said bad governance affected the performance of institutions.

Addressing a ceremony in Islamabad, the finance minister said, "Corporate laws are being amended to improve the business environment in the country."

"The fundamental operating procedures for the corporate sector will also be changed to achieve the desired goals and the government is also focusing to improve governance in public sector enterprises," he added.

"The performance of institutions was affected owing to bad governance," the finance minister further said. Umar further urged regulators, including the Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange, to fully facilitate the corporate sector in order to enhance its productivity and contribution to the economy.

Drawing a comparison between private and government entities, the finance minister said the procedures for procurement are quite complex in the public sector. "We have now got the cabinet approval to change the multilateral procurement rules," he said.