巴基斯坦加速推进国企私有化进程

Core Viewpoint - The Pakistani government is accelerating the privatization of state-owned enterprises (SOEs) to address long-standing financial losses and improve operational efficiency, driven by deteriorating financial conditions and increasing subsidy pressures [1]. Group 1: Financial Performance of SOEs - In the first half of the fiscal year 2024-25, Pakistani SOEs reported a cumulative net loss of 343 billion Pakistani Rupees (approximately 1.2 billion USD) [1]. - The National Highway Authority (NHA) recorded the highest loss of 153.3 billion Rupees, with total losses reaching 1.95 trillion Rupees [1]. - The Quetta Electric Supply Company (QESCO) reported a loss of 58.1 billion Rupees, accumulating to 770.6 billion Rupees [1]. - Despite restructuring, Pakistan International Airlines (PIACL) still faced a net loss of 4.6 billion Rupees [1]. - The government provided 616 billion Rupees in financial support to maintain operations of these loss-making SOEs in the first half of the fiscal year [1]. Group 2: Privatization Plan - The privatization plan, initiated in August 2024, aims to privatize 24 SOEs over five years in three phases [1][2]. - The first phase includes 10 key enterprises such as PIACL, First Women Bank (FWBL), and Islamabad Electric Supply Company (IESCO) [2]. - The second phase will involve 13 SOEs, including Pakistan Re-insurance Company (PRCL) and Lahore Electric Supply Company (LESCO) [2]. - The third phase focuses on the Postal Life Insurance Company (PLIC) [2]. Group 3: Progress and Challenges - The privatization committee has been granted full autonomy to expedite the process and eliminate bureaucratic barriers [5]. - PIACL is in a critical stage of privatization, with the government agreeing to take on 80% of its debt and offering tax incentives [5]. - The financial sector has seen significant progress, with the UAE International Holdings Company acquiring FWBL for 5 billion Rupees, marking a 60% premium [6]. - However, the privatization of the power sector has faced setbacks due to previous failures and corruption issues, preventing any electricity company from completing privatization transactions [6]. Group 4: Economic Impact - The privatization efforts have contributed to a decrease in the credit default swap (CDS) spread by 2200 basis points over 15 months, enhancing Pakistan's sustainable financing framework [6]. - The privatization of SOEs is seen as a crucial part of fiscal consolidation, alleviating some financial pressure and improving the country's international credibility [6].