State-owned entities

This refers to the news report ‘ECC defers PIA’s Rs96bln payables to CAA’ (March 21). Soon after taking office, and during the election campaign, Finance Minister Asad Umar vowed to restructure the bleeding state-owned entities (SOEs) to alleviate the huge burden on the national exchequer. He proposed the setting up of a sovereign wealth fund and putting SOEs under its umbrella to insulate these from political influence.

After almost seven months, nothing tangible has happened on this front. PIA remains on the ventilator of the government’s support with losses of Rs70 billion projected this year, while the talks of the revival of the Pakistan Steel Mills have abruptly come to an end. Neither has the latter’s new management been appointed nor has a revival plan been drafted. Its employees continue to suffer. The strategic asset is getting rusted, and recovery may become irretrievable if something is not done quickly.

Kulsoom Arif

Karachi