SOEs inflict 2.2 bln losses to country daily, says Finance Minister

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Thursday said that the state-owned entities (SOEs) bringing Rs 2.2 billion losses daily, ARY News reported.

Addressing a gathering in Islamabad, finance minister said that the SOEs have inflicted staggering Rs six trillion losses during last 10 years.

“We want the private sector to run these institutions as the private sector has to run this country,” minister stressed.

He said the government only have to provide policy framework and ensure its continuation.

Finance Minister reaffirmed the government’s commitment to economic reforms agenda.

He said the government will continue to focus on facilitating the private sector in order to boost the economy.

He also emphasized the need to bring everyone into the mainstream and ensure their contribution to the economy.

Muhammad Aurangzeb yesterday said that Pakistan’s economy moving towards betterment.

He pointed out while addressing a moot yesterday, that foreign exchange reserves would soon reach to cover three months imports in next few weeks, which had previously dropped to cover only two weeks.

He also said that the interest rate continuously being dropped, inflation has decreased to 4.9 percent, while the current account of the country has been in surplus.

“We won’t repeat practices of the past,” Aurangzeb said.

The government will provide guidelines to the private sector, he said. “The government won’t interfere in the private sector,” finance minister added.

He said the country has successfully moved away from a dual deficit and has been reporting budget surpluses for several consecutive months.

He attributed this recovery to the government’s focused economic policies and stabilization measures.