ISLAMABAD: Federal Minster for Energy (Petroleum Division) said that the government has faced losses of Rs5.598 trillion in state-owned enterprises (SOEs) in the last 10 years.

Responding to a calling attention notice in the National Assembly on Saturday, the minister said, “The state-owned enterprises (SOEs) faced aggregate losses of Rs950 billion in one year.”

He said SOEs facing losses include Pakistan International Airlines (PIA), Pakistan Steel Mills, National Highways Authority (NHA) and others.

‘Privatisation of PIA by end of Oct’

“We have decided all the companies run by the government facing losses to be privatised including the Pakistan Minerals Development Corporation, in a gradual manner. We want to create space for private stockholders to develop their companies,” he said.

Regarding the proposed privatisation of the Pakistan Minerals Development Corporation, the minister said there are 2,000 employees working in the PMDC and none of them is doing mining job. He, however, made it clear that it is the prerogative of the provinces either to continue or privatise the companies under their command.

Copyright Business Recorder, 2024