PML-N led government can steer the country out of economic mess
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Pakistan cannot afford luxury of wasting Rs500 billion annually on SOEs
SOEs proved to be white elephants in absence of proper accountability
The Pakistan Economy Watch (PEW) on Thursday said Pakistan cannot afford the luxury of wasting Rs500 billion annually on inefficient state-run-enterprises (SOEs).
Almost all the entities created by the government in order to partake in commercial activities on the government’s behalf have proved to be white elephants in absence of a proper accountability mechanism, it said.
Sucessive government have been mixing politics with business which have transformed state-run corporations into most unproductive segment wasting almost Rs 1.5 billion daily, said Dr Murtaza Mughal, President PEW.
Governemnt should bring an end to political interference in these corporations or privitize them on fast pace if it cannot shield these from unnecessary interventions, he added.
Dr Murtaza Mughal said that the environment of majority of corporation has deteriorated to an extent that reputed professionals from private sector fail to give positive results when entrusted for top slots.
Time has come when we should admit that these valuable assets have become burdensome possession while the cost of upkeep has surpassed its worth, he added.
He said that PML-N led government can steer the country out of economic mess to put it on the path of sustainable economic growth for which bold decisions are needed.
Lauding the difficult decision like upward revision of electricity tariff and petroleum prices, he said that more meaningful reforms are needed like that announced for the ailing energy sector.
Governemnt should also revisit politices regarding taxation, exemptions, and subsidies which have eroded its ability to initiate maga projects without foreign aid and spend more on welfare of masses, said Dr Murtaza Mughal.
Good governance, honest measures, true accountability and just taxes on all sectors including agricultural income can help government earn reputation which is essential to push reforms agenda without opposition from masses.
