The latest report on Pakistan’s state-owned enterprises (SOEs) isn’t just a dry stack of numbers—it’s a gut punch. Trillions of rupees vanish into these creaky outfits annually, strangling what little fiscal wiggle room the country has left. From highways to power lines, railways to banks, the data’s screaming for a shake-up, but the same old half-hearted fixes keep getting dusted off while the hole deepens.

The report on the state-owned enterprises (SOEs) paints a grim picture—one that should jolt the government into action. Trillions of rupees get pumped into these outfits every year, yet they’re bleeding the country dry, tightening an already suffocating fiscal noose. It’s a mess screaming for bold fixes, not bandaids.

The latest scoop on Pakistan’s state-owned enterprises (SOEs) for July 2023 to June 2024 is a wild ride of numbers—some grim, some glimmers of hope. The loss-making bunch racked up Rs851 billion in red ink over those 12 months, but here’s the twist: that’s actually 14.03% less than the year before. Still, it’s a jaw-dropping pile of cash disappearing into a black hole.

Straight from the Finance Division’s Aggregate Annual Report, these federal SOEs chipped in Rs372 billion in taxes and another Rs1,400 billion in non-tax goodies like sales taxes, royalties, and levies. They tossed Rs82 billion in dividends and Rs206 billion in interest into the pot, bringing their total haul to Rs2,062 billion. Not too shabby for a group that’s mostly stumbling. Revenue-wise, these outfits pulled in Rs13,524 billion—a decent 5.2% bump from last year. The profit-makers strutted their stuff with Rs820 billion in aggregate gains, up 14.61% from the year prior. But those losses—Rs851 billion—get a boost from Rs782 billion in subsidies and Rs367 billion in grants propping up their books. Strip out the Power Sector Welfare Fund entities, and the net losses, after balancing the winners and losers, still hit Rs521.5 billion.

The report doesn’t mince words about the biggest bleeders. The National Highway Authority (NHA) tops the list, hemorrhaging Rs295.5 billion. Then there’s QESCO at Rs120.4 billion, PESCO at Rs88.7 billion, and PIA nosediving with Rs73.5 billion. Pakistan Railways chugs along with Rs51.3 billion in losses, followed by SEPCO (Rs37 billion), LESCO (Rs34.5 billion), and Pakistan Steel Mills (Rs31.1 billion). The list keeps rolling—HESCO at Rs22.1 billion, GENCO-II at Rs17.6 billion, IESCO at Rs15.8 billion, Pak Post at Rs13.4 billion, TESCO at Rs9.5 billion, GEPCO at Rs8.5 billion, GENCO-III at Rs7.8 billion, and a grab bag of others totaling Rs23.7 billion. All told, these SOEs have piled up a monstrous Rs5,748 billion in losses over time, with the last decade being the real gut punch.

Flip the coin, and the profit-makers shine a bit brighter. OGDCL leads the pack with a hefty Rs208.9 billion in black ink, trailed by Pakistan Petroleum Limited at Rs115.4 billion and National Power Parks at Rs76.8 billion. Govt Holding (Pvt) Limited raked in Rs69.1 billion, Pak Arab Refinery Company Rs55 billion, and Port Qasim Authority Rs41 billion. MEPCO’s at Rs31.8 billion, NBP at Rs27.4 billion, WAPDA at Rs22.2 billion, KPT at Rs20.3 billion, PNSC at Rs20.1 billion, PSO at Rs19.6 billion, State Life Insurance at Rs18.3 billion, and PKIC at Rs15.2 billion. These champs are keeping the lights on—figuratively, at least. It’s a tale of two SOEs: one side’s clawing its way up, the other’s digging deeper. The question is, how long can this lopsided dance keep going?

Here’s the ugly truth laid bare: the government shelled out a staggering 1,586 billion rupees to keep these SOEs afloat, tracked under fancy IFRS accounting rules. That breaks down to 367 billion in grants, 782 billion in subsidies, 336 billion in loans, and 99 billion as equity shots in the arm—13% of the federal budget’s take-home pay. The culprits? The National Highway Authority (NHA), the power sector, Pakistan Railways, and a shaky financial sector (development finance institutions and insurance). Their dismal showing isn’t just a number—it’s a red flag flapping in the wind.

The report trots out the usual “risks and fixes” playbook—same old, same old—that’s been ignored before. Clearly, the tired ideas aren’t cutting it; someone needs to think bigger. For NHA, they’re floating infrastructure bonds and public-private partnerships as lifelines. But here’s the rub: private cash won’t flow without two things. First, an investment scene that doesn’t scare folks off—right now, Pakistan’s junk bond status from the big three rating agencies keeps it in the danger zone. Second, a homegrown investment pulse that’s flatlining—large-scale manufacturing was tanking as of November 2024. And don’t forget the stench of corruption clogging the air; the Auditor General’s advice keeps gathering dust while the rot festers.

Over in the power sector, distribution companies are drowning in credit woes. The report’s fix? Mix up the energy cocktail to ditch hydrocarbons—great for cutting reliance on certain power producers, but it jacks up capacity payments. Another pitch is renewables, but there’s zero talk of axing the fat tariff equalization subsidies that leak cash yearly. Oil and gas? They’re sweating over global price spikes and a wobbly rupee, yet the report skips the obvious: tax reform. Why not ease off utility taxes and lean harder into direct taxes that hit those who can actually pay?

Then there’s the development finance institutions (DFIs), hoarding government securities like a safety blanket—a move that’s choking their ability to lend or invest, stunting growth. The report tiptoes around it, suggesting “diversified portfolios” and vague “capital infusions”—from where, exactly, when everyone’s broke?

Pakistan Railways gets a pep talk—diversify revenue, spruce up the trains and tracks. Nice in theory, but with the IMF breathing down the government’s neck, enforcing harsh cuts and tight money policies, the fiscal room to maneuver is more like a broom closet. The report’s grand ideas—beef up financial oversight, go green, modernize, and get transparent—sound good on paper but feel like pipe dreams for now. In a cash-strapped reality, they’re less a roadmap and more a wishlist, leaving Pakistan’s SOEs—and its people—stuck in a familiar, frustrating rut.

Pakistan’s SOEs are a leaky bucket the government can’t keep filling—not with grand plans that sound nice but crumble under today’s harsh realities. The IMF’s tight leash leaves no room for daydreams about green energy or shiny new trains. What’s needed isn’t more reports or recycled tips—it’s a hard reset: plug the corruption, rethink the tax game, and stop treating these entities like bottomless piggy banks. Until then, those trillions will keep slipping away, and the rut will only get muddier.