PM Shehbaz sounds alarm on state-owned entities losing Rs850bn annually

Prime Minister Shehbaz Sharif on Tuesday underlined the need to plug Rs850 billion annual losses incurred by state-owned enterprises (SOEs), as well as the need to end circular debt in the power sector. The premier’s comments came while addressing a special meeting of his cabinet members at Islamabad’s Jinnah Convention Centre to review the government’s one-year performance. The Shehbaz administration took office after the Feb 8 polls, following a power-sharing agreement between the PML-N and the PPP. PM Shehbaz termed SOEs as “bottomless pits” which needed to be plugged, and emphasised the need to end circular debt in the power sector.