In his MTEF policy statement Mr Sithole noted that a consultant had been engaged to establish a Public Enterprise Agency (PEA) to implement the government's privatisation policy. The PEA would commence operations in 2008. The government will establish a multi-sector regulator for energy, water and telecommunications, which is expected to start operating in the 2008/09 fiscal year. In a related development, the Swaziland Electricity Company, which has replaced the Swaziland Electricity Board, was incorporated on October 29th, in line with plans to commercialise its operations. It remains totally owned by the government. The telecommunications bill and the postal bill, which also seek to commercialise the operations of these entities, are being refined at the attorney-general's office before being put before parliament.