Pakistan’s loss-making Public-Sector Enterprises (PSEs), including PIA, Pakistan Steel Mills Corporation (PSMC), and the Water & Power Development Authority (WAPDA), have borrowed more than Rs. 95 billion from domestic resources to run their operations during the first nine months (July-March) of the current fiscal year.

An official report revealed that after the new borrowings, the total stock of domestic debt and liabilities swelled by Rs. 95 billion to Rs. 1,742 billion from Rs 1,647 billion during the first nine months (July-March) of the current fiscal year.

According to the report, the domestic debt of these loss-making PSEs has surged by Rs. 3 billion to Rs. 1,439 billion from Rs 1,436 billion, and liabilities increased by Rs. 92 billion to Rs. 303 billion from Rs. 211 billion during the first nine months of the current fiscal year.

The report states that the domestic debt of WAPDA has risen by Rs. 11.2 billion to Rs. 74.8 billion from Rs. 63.6 billion during the first nine months of the current fiscal year. The domestic debt obligation of the Oil & Gas Development Company Limited (OGDCL) has reached Rs. 6.6 billion, up from Rs. 6.3 billion during this period.

The domestic debt of Pakistan International Airlines (PIA) has increased by Rs. 18 billion to Rs. 171.4 billion, from Rs. 153.3 billion by the end of March 2022. The domestic debt of Pakistan Steel Mills has remained stagnant at Rs 43.2 billion during the first nine months of the current fiscal year.

The domestic debt of the other PSEs has decreased by Rs. 27 billion to Rs. 1,143.4 billion from Rs. 1,170.4 billion during the first nine months of the current fiscal year. The PSEs’ liabilities also increased by Rs. 108 billion, to Rs. 303 billion, from Rs. 211 billion during the first nine months of the current fiscal year.

Source: Pro Pakistani