Auditor General Hussain Niyazy has said it is important to reduce the reliance by state-owned enterprises (SOEs) on the state budget.

Launching the Privatisation and Corporatisation Board (PCB) 2024 – 2028 Strategic Action Plan on Thursday, Niyazy said that the new plan would facilitate efforts towards improving how PCB functions.

Niyazy highlighted the importance of the role accountants and auditors play in strengthening the management of companies.

“We would like to assure you [PBC] that our institute [The Auditor General’s Office] will do its utmost in service to PCB,” Niyazy said.

Niyazy’s statement comes at a time when international financial institutions, such as the International Monetary Fund (IMF) and the Wold Bank, have advised the government to reign in SOE spending and reduce their reliance on the state budget.

There have also been significant instances of irregularities, including corruption, both identified and rumoured, at several SOEs over the years.