Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) is deeply concerned about the massive losses of around Rs.1.4 trillion incurred by Pakistan’s state-owned entities (SOEs) in fiscal years 2021 and 2022, according to the Ministry of Finance’s latest consolidated report, which is more than twice the size of the Public Sector Development Program.
President of the Islamabad Chamber of Commerce and Industry, Ahsan Bakhtawari, emphasized that the government should work on a war footing to develop a comprehensive strategy to relieve the nation from the unneeded financial burden of these loss-making SOEs. He claimed that commercial SOEs should be a source of revenue production for the government, but instead of adding to the national coffers, these SOEs have become a significant drain on public funds.
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According to the ICCI President, all of Pakistan’s key commercial SOEs, including PIA, Pakistan Steel Mills, NHA, Pakistan Railways, and DISCOs, are losing money, which should worry policymakers. He stated that with this massive sum of Rs.1.4 trillion, the government could build several hospitals, schools, colleges, and universities, as well as fund public welfare programs. However, the government must spend this large sum to bail out the loss-making SOEs, depriving millions of people of better health and education facilities.
