PIA, PSM in combined debt of over Rs275 billion

ISLAMABAD: Debt and liabilities owed by state-run organisations have soared sharply as these organisations owe about a quarter more now then they did in the last fiscal year.

The figure owed in this respect now stands at Rs1,300 billion for the fiscal year 2018, an increase of about 23.5 per cent over the Rs1,052 billion owed during the fiscal year 2017.

During the last five years, debt and liabilities owed by state-run organisations have jumped to 3.8 per cent of the Gross Domestic Product (GDP) in FY18, from 2.4 per cent of the GDP during the fiscal year 2012-13 when the amount owed by these firms stood at Rs538 billion. This represents a nearly 141 per cent increase in their owing over this time frame.

Debt and Liabilities of two prominent state-run organisations, namely Pakistan International Airlines (PIA), and Pakistan Steel Mills (PSM), now stand at Rs146 billion and Rs131 billion, respectively.

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