Public sector companies debt reaches whopping Rs 964 billion as of March 2017

Public sector companies or state owned units continue to bleed. At the end of March 2017, the debt had increased to almost Rs 964 billion, according to the latest data posted on the website of State Bank of Pakistan.

After taking quick analysis of the state-owned companies, in last four years or in the tenure of business friendly government of Prime Minister Nawaz Sharif where tall claims of economy revival were trumpeted, the condition of the companies remained unchanged and after every passing year losses or debt and liabilities have arisen sharply.

In June 2013, total amount for domestic debt and liabilities of state-owned companies stood at Rs 538 billion while at the end of March 2017 it ballooned to Rs 964 billion, a whopping rise of Rs 426 billion. The numbers revealed that on average companies suffered a loss in excess of Rs 100 billion per annum.

In March 2016 outstanding debt of public sector enterprises was Rs 678 billion which now in March 2017 stood around Rs 964 billion.

At the end of March 2017, PIAC debt was Rs 108 billion, WAPDA Rs 86 billion and Pakistan Steel Mills Rs 43 billion while other companies spreading from Karachi to Khyber Pakhtunkhwa amounted to Rs 523 billion.