Decision to hasten sale of SOEs lauded: PEW
State resources not for pleasing incompetent
Vested interests keeping SOEs alive
The Pakistan Economy Watch (PEW) on Saturday lauded the decision of the government to speed up stalled process of privitization to reduce deficit as losses of the bleeding state-owned enterprises (SOEs) continues to mount.
The losses inflicted on public exchequer by 197 SOEs are now running into trillions of rupees while the government spent Rs 277 billion in 2017-18 to keep PIA and WAPDA artificially alive, it said.
The government should sell or shut down the enterprises which have become white elephants draining scarce national resources, said Dr. Murtaza Mughal, President PEW.
He said that eighteen thousand workers are serving in in overstaffed PIA is making a loss at the rate of $30 million a month while it has liabilities to the tune of two billion dollars.
Similarly, thousands of workers of Pakistan Steel Mills are getting salaries without any output since the last two years, he said, adding that Railways, energy companies, and other corporations are no different.
Dr. Murtaza Mughal said that losses of state-run enterprises continue to increase so are the number of their board members, directors, top officials, and staff which is amazing.
This government has recently dropped PSM from its list of SOEs to be privatised promising to produce a “restructuring plan” soon while will meet the fate of other such plans orchestrated since decades.
These enterprises are kept alive to promote nobility, get juicy contracts and provide jobs to incompetent workers of the ruling political party for which masses are being made scapegoat since decades.
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