par·a·stat·al (p?r??-st?t?l)adj. Owned or controlled wholly or partly by the government: a parastatal mining corporation.n. A company or agency owned or controlled wholly or partly by the government.American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.parastatal (?pær??ste?t?l) n (Government, Politics & Diplomacy) a state-owned organization, esp in Africaadj (Government, Politics & Diplomacy) of or relating to such an organizationCollins English Dictionary ? Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014