Public companies incur Rs6tr losses in 10 years: Aurangzeb

Finance Minister Muha­mmad Aurangzeb said on Saturday that the growing burden of state-owned entities (SOEs) has cost the country Rs6 trillion in the last 10 years, making it ext­remely difficult to live with. Speaking at the Overseas Investors Chambers of Commerce and Industry (OICCI), the minister insisted on privatising these SOEs but did not explain why the government could not move in this direction and privatise these SOEs. The privatisation attempt of Pakistan International Airlines failed because the government could not attract any viable buyer despite generating excitement about its potential success. Similarly, it has dropped the idea of divesting Pakistan Steel Mills (PSM). The government has been vocal about the massive burden of the SOEs on the national exchequer but could not privatise a single loss-making public entity like PIA, Pakistan Railways, etc.