ISLAMABAD : A report shared by the caretaker government here on Thursday with the media suggested that Pakistan’s top 10 state -owned organisations (SOEs) are causing over Rs 400 billion loss on average to the national exchequer per annum.
Caretaker Finance minister, Dr Shamshad Akhtar , shared the official document with the media persons at a press conference here , showing share of Pakistan ‘s top 10 SEOs in accumulated losses caused to the national exchequer in 2020. The document showed among top 10 loss-making SOEs just one SEO –Quetta Electric Supply Company –caused Rs 108.5 billion loss the national exchequer in 2020. National Highways Authority (NHA) comes next in the list of loss -making SEOs and it caused loss of Rs 94.3 billion. Pakistan Railways is another white elephants and it caused loss of Rs 50 2 to the national exchequer in the same year .
Sukkur Electric Company’s share in loss to the national exchequer stood at Rs 40.8 billion. Pakistan International Airline (PIA) caused loss of Rs 36.07 billion. SSGC caused loss of Rs 21. 4 billion in 2020. Peshawar Electric Supply Company’s share in loss to the national exchequer stood at Rs 14.7 billion. Other loss -making public sector entities included Pakistan. Steel Mills (PSM) with its share in loss of Rs 20 .6 billion , Pakistan State Oil (PSO) contributed Rs 14.8 billion loss to the national exchequer and Hyderabad Electric Supply Company caused a loss of Rs 17.7 billion in 2020.
These all 10 top loss-making SEOs have one thing common and its rampant corruption. These SEOs are known for corruption for years, but none of the past governments took any step to end culture of corruption in these SEOs.
Finance minister , Dr Shamshad Akhtar , said loss of SEOs was due to incompetent and non-professional board members and hiring of below standard Chief Executive Officers (CEOs) to run SEOs. She added that the government will hold back only strategic SEOs and privatise the rest. She said the caretaker government was taking crucial steps to revive the economy and address the economic issues confronted with the country at present.
