By December 2022, the number of listed companies in the equity market has to be increased to 700 from the current 558 listed companies, according to the ADB documents. Also, many listed companies have a minimal free float of shares since most shares are held by sponsors including the government. “Accounting and auditing standards of listed companies are also unreliable and lack facts for informed investment decisions,” according to the documents. The corporate governance structure of listed companies is not sufficiently transparent and lacks proper checks and balances. The Rs35.6 trillion central government debt is exclusive of liabilities that the government indirectly owes to creditors.

Source: The Express Tribune September 29, 2020 03:00 UTC