ISLAMABAD: Pakistan’s State-Owned Enterprises continued to face accumulated cash bleeding in the last two fiscal years to the tune of Rs429 billion. The net losses of SOEs stood at Rs286.
Cash bleeding SOEs face loss of Rs429b in two years I
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March 9, 2021
ISLAMABAD: Pakistan’s State-Owned Enterprises (SOEs) continued to face accumulated cash bleeding in the last two fiscal years (the financial year 2018 and FY2019) to the tune of Rs429 billion. The net losses of SOEs stood at Rs286 billion during FY2018 that were reduced to Rs143 billion in FY2019, so in totality these losses accumulated to Rs429 billion at the cost of the national exchequer.
The SOE’s annual report for the fiscal year 2018-19 released by the Ministry of Finance states that the overall losses were the highest in FY2018, amounting to Rs286 billion, which were curtailed to Rs143 billion in FY2019. This improvement in the financial performance of SOEs was mainly due to the reduction of losses in the power sector of selected SOEs during FY2018-19.