ZAHEER ABBASI

ISLAMABAD: The Sharif administration has added Rs 255 billion to losses and debt of Public Sector Enterprises (PSE) during the last three years.

According to State Bank of Pakistan (SBP), PSEs’ debt and liabilities jumped to Rs 793.3 billion in June 2016 from Rs 538 billion in June 2013. The present government in its election manifesto prior to the 2013 general elections stated that if elected the party would turn around loss making PSEs through their restructuring.

In contrast, there was an annual increase in PSE debt - from Rs312 billion during fiscal year 2013 to Rs 568 billion at the end of 2016. Liabilities of PSEs were largely stable - at Rs 225.2 billion in 2016 as opposed to Rs 226 billion in 2013.

Water and Power Development Authority’s losses/debt rose from Rs 9 billion in fiscal year 2013 to Rs 55.8 billion in 2016, Pakistan International Airlines from Rs 61 billion to Rs 99.8 billion and Pakistan Steel Mills Corporation (PSM) from Rs 36 billion to Rs 43.2 billion during the period under review.

Year-wise details of PSEs financial state available at SBP website reveals that PIA debt/losses were Rs 61 billion in fiscal year 2013 and in the subsequent fiscal year it increased to Rs 68 billion followed by Rs 79 billion in fiscal year 2015. At the end of fiscal year 2016, PIA debt/losses stood at Rs 99.8 billion.

Pakistan Steel Mills debt/losses increased from Rs 25 billion during fiscal year 2013 to Rs 36 billion in 2014, to Rs 42 billion in 2015 and stood at Rs 43.2 billion in the last fiscal year.

WAPDA’s debt was Rs 9 billion in 2013 which increased to Rs 21 billion in 2014; however it declined to Rs 19 billion in fiscal year 2015 but again increased to Rs 55.8 billion in 2016.

Liabilities of PSEs on account of borrowing from commercial banks for commodity operation was Rs 226 billion in 2013 from where it declined to Rs 222 billion in the subsequent fiscal year and to Rs 2016 billion in fiscal year 2015. The liabilities of PSEs surged to Rs 225.2 billion in 2016.