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Business Recorder
a day ago
- Business
- Business Recorder
Pakistan govt alarmed by over Rs6trn losses in state-owned enterprises
ISLAMABAD: Finance Minister Muhammad Aurangzeb has termed as alarming the government figures suggesting that State-Owned Enterprises (SOEs) have incurred losses of nearly six trillion rupees, saying, eight SOEs would be privatised this year. 'This is alarming indeed,' he said, speaking on a calling attention notice in Senate on Tuesday regarding the 'alarming figures revealed in Biannual Performance Report issued by the Finance Division that state-owned enterprises have incurred losses of Rs 5.89 trillion during first half of financial year 2024-2025.' Samina Mumtaz Zehri from Balochistan Awami Party (BAP) was the original mover of the calling attention notice, but was absent from the House when the calling attention notice was taken up on the maiden day of the Senate's 353rd session. Pakistan Peoples Party (PPP) Parliamentary Leader in Senate Sherry Rehman then took up the issue regarding the reported losses incurred by the SOEs. 24 SOEs to be privatised in 3 phases: minister Last year, the revenue was recorded at Rs 12 trillion. 'But 50 percent has been lost as result of losses incurred by the SOEs,' Aurangzeb said. 'This flow is very high—the government is taking different steps to reduce expenditure—like we introduced pension reforms—to cut down on the expenses,' the minister said. He said 24 SOEs have been finalised for privatisation. 'They were referred to the Cabinet Committee on Privatisation, and then finally referred to the Privatisation Commission. Eight SOEs would be privatised this year—the rest would be privatised thereafter,' he said. The Sindh government, Aurangzeb said, is following 'very good' formula of public-private partnership. The chairpersons of the board of directors of the SOEs are being appointed from private sector to involve private sector to improve the affairs at the SOEs, said the minister. 'Three DISCOs (distribution companies) have been put to the process of privatisation—it's yielding good results,' he said. The finance minister said that the cabinet committees on SOEs and rightsizing, under his leadership, are working on the privatisation in 43 ministries and 400 government departments. Aurangzeb said he regularly appears before the finance committees of the Senate and the National Assembly for 'accountability.' Earlier, the Senate unanimously passed the Anti-Dumping Duties (Amendment) Bill, 2025. The bill gives retrospective effect to cover the period from financial year 2020-2021 and onwards to exempt products imported for foreign grant in-aid projects from payment of anti-dumping duty through Anti-Dumping Duties (Amendment), Act 2022. Meanwhile, the opposition senators strongly protested against the convictions of Pakistan Tehreek-e-Insaf (PTI) lawmakers by anti-terrorism courts (ATCs), and walked out of the House. Presently, the Senate is without an opposition leader following the conviction of Shibli Faraz by an ATC in the context of 9 May riots, and his subsequent disqualification from the Senate by the Election Commission of Pakistan (ECP). The Senate was adjourned till Friday. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
SOEs: govt alarmed by over Rs6trn losses
ISLAMABAD: Finance Minister Muhammad Aurangzeb has termed as alarming the government figures suggesting that State-Owned Enterprises (SOEs) have incurred losses of nearly six trillion rupees, saying, eight SOEs would be privatised this year. 'This is alarming indeed,' he said, speaking on a calling attention notice in Senate on Tuesday regarding the 'alarming figures revealed in Biannual Performance Report issued by the Finance Division that state-owned enterprises have incurred losses of Rs 5.89 trillion during first half of financial year 2024-2025.' Samina Mumtaz Zehri from Balochistan Awami Party (BAP) was the original mover of the calling attention notice, but was absent from the House when the calling attention notice was taken up on the maiden day of the Senate's 353rd session. Pakistan Peoples Party (PPP) Parliamentary Leader in Senate Sherry Rehman then took up the issue regarding the reported losses incurred by the SOEs. 24 SOEs to be privatised in 3 phases: minister Last year, the revenue was recorded at Rs 12 trillion. 'But 50 percent has been lost as result of losses incurred by the SOEs,' Aurangzeb said. 'This flow is very high—the government is taking different steps to reduce expenditure—like we introduced pension reforms—to cut down on the expenses,' the minister said. He said 24 SOEs have been finalised for privatisation. 'They were referred to the Cabinet Committee on Privatisation, and then finally referred to the Privatisation Commission. Eight SOEs would be privatised this year—the rest would be privatised thereafter,' he said. The Sindh government, Aurangzeb said, is following 'very good' formula of public-private partnership. The chairpersons of the board of directors of the SOEs are being appointed from private sector to involve private sector to improve the affairs at the SOEs, said the minister. 'Three DISCOs (distribution companies) have been put to the process of privatisation—it's yielding good results,' he said. The finance minister said that the cabinet committees on SOEs and rightsizing, under his leadership, are working on the privatisation in 43 ministries and 400 government departments. Aurangzeb said he regularly appears before the finance committees of the Senate and the National Assembly for 'accountability.' Earlier, the Senate unanimously passed the Anti-Dumping Duties (Amendment) Bill, 2025. The bill gives retrospective effect to cover the period from financial year 2020-2021 and onwards to exempt products imported for foreign grant in-aid projects from payment of anti-dumping duty through Anti-Dumping Duties (Amendment), Act 2022. Meanwhile, the opposition senators strongly protested against the convictions of Pakistan Tehreek-e-Insaf (PTI) lawmakers by anti-terrorism courts (ATCs), and walked out of the House. Presently, the Senate is without an opposition leader following the conviction of Shibli Faraz by an ATC in the context of 9 May riots, and his subsequent disqualification from the Senate by the Election Commission of Pakistan (ECP). The Senate was adjourned till Friday. Copyright Business Recorder, 2025
