ISLAMABAD: More than 15 state institutions are burden on National exchequer inflicting heavy losses to economy , which include Pakistan Railway and PTCL, with losses exceeding 59 trillion rupees.
According to the report, Pakistan Railways’ total losses amounted to Rs26.5 billion, out of which Rs6.7 billion was for the FY 2021-22. Peshawar Electric Supply Company’s losses totaled Rs684.9 billion, with a loss of Rs19.7 billion in the same financial year.
Additionally, Pakistan Steel Mills reported total losses of Rs255.8 billion and a loss of Rs15.6 billion in the 2021-22 fiscal year. Other losses included PTCL at 43.6 billion, Pakistan Post at 93.1 billion, and Utility Stores Corporation at 15.5 billion. Several Power Generation Companies also accounted for a total loss of 8.3 billion. Losses in Neelum Jhelum Hydropower Company amounted to 58.2 billion, including losses of 2.3 billion in the 2021-22 fiscal year.
The other remaining loss-making entities account for total remaining losses of 1,285.96 billion, bringing the combined losses from over 15 entities to 5,893.2 billion. In the above mentioned period, the DISCOs witnessed an actual deficit of Rs 283.7 billion post subsidy withdrawal. These losses were particularly pronounced in Quetta, Peshawar, and Hyderabad DISCOs. Even
Even the organizations that were presenting good results before the grant—Multan, Faisalabad, Gujranwala also went into loss.
Furthermore highlighting the flaws of the billing, recovery, and transmission system, a 20 percent technical and commercial deficit of electricity is a persistent issue. As a result, around Rs 600 billion yearly and Rs 300 billion are lost in 6 months.
Pakistani companies making money have declared a total profit of Rs457.2 billion. PPL reported a profit of Rs49.9 billion, Faisalabad Electric Supply Company showed a profit of Rs53.5 billion, OGDC showed a profit of Rs82.5 billion, and National Power Parks Management Company showed a profit of Rs37.4 billion.
But the total debt of stateowned organizations has hit Rs8.831 trillion, which includes Rs1,681 billion in cash development loans, Rs1,842 billion in foreign loans, and Rs2,808 billion in borrowing from private banks and bonds. Alone, rollover charges and interest have surpassed Rs 2,000 billion.
The report says that these institutions run great financial risks from quickly evolving markets, obsolete infrastructure, reliance on loans, subsidies, circular debt, and subpar revenue collection, which jeopardize not only national financial stability but also the economy.
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