Privatisation - Is it a must? | Junaid Iqbal | Ep 4
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- Опубликовано: 9 июл 2024
- Pakistan International Airlines, Steel Mills...the list goes on. In total, Pakistan has 113 state-owned enterprises, which annually lose $4.11 billion per year. Why is this the case, and is privatisation a must?
This is the fourth episode in a new series of videos I will be hosting, to try and understand Pakistan’s economic situation and how we got here. Join me as we take a deep dive into Pakistan’s development challenges, and its economic potential. In this episode we analyze Pakistan’s state-owned enterprises, and discuss some potential solutions to free the country from managing this burden.
#pakistaninternationalairlines #pakistan #pakistanbudget #pakistanrupee #imfpakistan #junaidiqbal #loans #debt #pakistanieconomy #worldbank #rupee #pakistanrupee #taxes #taxreform #budget2024
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Time Stamps
00:00 - 00:17 Introduction
00:17 - 00:39 Business of the state
00:39 - 01:01 Private Goods
01:01 - 01:34 Semi-private goods
01:34 - 02:01 Public Goods
02:01 - 02:30 State Owned Enterprises
02:30 - 02:55 Sponsor Message
02:55 - 03:10 Five loss-making SOEs
03:10 - 05:05 Pakistan International Airlines
05:05 - 05:41 Privatisation Arguments
05:41 - 06:30 Steel Mills
06:30 - 07:15 National Security
07:15 - 07:30 Privatization and jobs
07:30 - 07:51 National Refinery
07:51 - 08:30 MCB Bank
08:30 - 09:45 K Electric
09:45 - 11:23 Role of Government
11:23 - 12:27 Looking Forward
12:27 - 12:52 One last question
This video is based on publicly available macroeconomic data on Pakistan. If you are interested in further reading, please see the following sources:
www.finance.gov.pk/publications/Federal_Footprint_SOEs_Consolidated_Report_FY2020_22.pdf
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About our sponsor: Elevate Pay provides freelancers and remote workers in emerging markets, including Pakistan, with FDIC-insured USD accounts through its sponsor bank, Bangor Savings Bank (Maine, USA). Elevate Pay streamlines USD payments with free, fast deposits from US and international employers, as well as platforms like Upwork, Fiverr, Deel, and Toptal. Online spending is enabled through a Mastercard debit card, and for remittances, Elevate offers market-leading FX rates. Elevate's mission is to ensure freelancers and remote workers worldwide get paid quickly and at minimal cost, maximizing their hard-earned income.
Who came here from the recommendation of Muzzamil Hassan Zaidi...
Me as well
Me too
me too from tbt
Me
Me
came here from muzammil's dil ki baat and my mind is blown the way you have explained an complex topic in simple way!
thank you Junaid Iqbal
Thank you :)
There should be establish that
Its not a government responsiblilty to giving jobs the government responsiblilty is to create environment for creating jobs and thats why they are hesitating in privatisation of govt owned companies.
As always love your work.❤
The government should be focused on the running of it's own civilian services and leave the business part of the free market with regulation and oversight.
This is something that should be running on National Television! But this kind of education and awareness might lead to a situation where the Agricultural sector might have to eventually cough up more than a meagre Rs 4 billion in taxes, so I can see why running this info on television might not be favored by some lol.
Came here after Muzzamil Hassan's recommendation; Junaid bhai and team, thank you for dissecting, and demystifying our economic woes that have been a thorn in our side for almost half a century. I think this is the perfect combination of infographics, knowledge and time taken to convey that knowledge, than compared to hour long podcasts.
It's people like you who keep my hope alive for this country. Hopefully, the newer generation can be a productive cog of change in this corrupt, rotten to the core, boomer/relic-of-the-past machinery, and change it from the inside out.
Thank you for your kind words
This is better than a uni degree!!! Kudos and best wishes to Junaid Iqbal and team. I have a soft spot for PIA, my father was a pilot and gave 29 years service to PIA; they helped Emirates get off the ground but got left behind; privatisation is necessary.
haha it is sadqa jaria by educating Pakistanis with this kind of knowledge, kudos to you. so much easy to understand..
Keep up the good work man, waiting for the next episode
It would be really helpful if you add the sources of your facts/figures along.overall very informative video 👍👍
u may google most urself. these are either public account on Govt websites, and in case of PIA, Banks, K-Electric, they are public listed companies on the stock exchange.
finally good content on pakistani YT
top notch content
Nicely define
Masha Allah amazing content, from content to editing, everything is just amazing
came here from Muzammil's DKB and loving your content. Pls keep doing 20 - 40 minutes duration. Good luck 👍🏽
Thank you! Will do!
The content we needed but never deserved
Thank you for your initiative to educate us. Wish more people benefit from it. Shared ti within my circle.
The pop-up text at 4:17 should read "Employee to Aircraft Ratio".
Thanks for pointing this. We will try to fix this
It's very informative and productive to watch these videos as an economics major please make more videos like these
Start watching video 1st time and liked subscribed immediately within a seconds
Great job ❤
Absolutely yes. SOE should be privatised
Very informative.
Army/establishment owned enterprises are earning immense profit each year whereas, most of state owned 113 enterprises are making losses each year for over many decades despite having retired Army officials as MD or CEO or President or whatever the highest position is. So, how come Army / establishment owned enterprises earning profit each year while state-owned enterprises making losses?
Normal privatization might be dangerous like how Adani group take over the major airports of India and create a Monopoly there. Privatization is the only solution but somehow government needs to be involved in it.
As you can see after the news of planning the PIA to privatize the PSX got unexpected boom. Index hits 72k points which creates history and shows that sharks are eager to buy PIA
Yes, SOE's should be privatized gov should focus on more holistic approach
Good explanation sir
Sir, please schedule a discussion with Dr. Taimur Rehman so that those points could also be addressed. Thanks
OR
please address those issues like PROFIT vs GROWTH maximization. i.e. Private vs Public output
Good idea
Great Explanation Sir.
content top notch❤
Great content
Excellent
Yes, privatisation is must but the process should be fair and transparent
What would be the profit of these enterprises adjusting for inflation? 8:52
CFBR
🙌🙌
The first and foremost duty of any government is provision of justice, security and enabling citizenry to thrive, not doing business and opening up avenues for corruption and inefficiency. Even military run businesses too needs to be halted.
Kerna Must hai, warna future Bust hai
Me
KWSB + KDA + Karachi Municipality should be privatised
Do Establishment (Army) owned enterprises come under state-owned enterprises? Or Army / Establishment owned enterprise is different than state owned enterprise? Example of Establishment/Army owned enterprise are many such as, Fauji fertilizer, Fauji Cement, DHA, Fauji Cornflakes, Askari Bank, etc.
Please share graphs with 5 to 10 year gaps
Question: PIA should be privatised. At the same time, you also argue that Government should protect critical routes where demand is low. In case of PIA, such routes exist domestically as well as internationally. Privatisation means good bye to those routes and sorry to public good/right. What's your solution to that?
Good question. The concept can apply to basic roads. Air travel in far flung areas with low demand would be a luxury. The state should not provide it at all. All over the world, Oil & Gas exploration happens in remote areas where private aviation sets up landing strips for small private planes. There are other such examples.
jee hona chahiye privatize
Why did you leave careem?
What about NHA?
Woh tu bhai log chala rahay hain na.
Any worldwide examples of efficient SOEs management
Saudi Aramco, etc
Given the mess that we are in,We can,t afford to go via the normal privatization route what we need is direct outright sale of shares or through long term management contracts with management control should be transferred to the private sector.
Cfbr
Please compare the figures in dollars. How can the profits in rs in 1990 be comparable to rs in 20222
Agree
You are right. When we speak about Steel Mill's last offer vs its recent loss, we should have shown USD value as well. Though the principal remains the same, but we can certainly build that accuracy. Thank you for your constructive feedback - J
The best podcast I have seen in a long long time on this subject. You are indeed numero uno, Junaid Iqbal. Excellent work
Learnt everything from you Sir :)
The governance structure over the years have also become too complicated with Federal cabinet,ECC,cabinet commitees involved in every little decision with too much overlapping.We also need to streamline and decentralize these as well
Agreed. Video coming up soon on the size of govt
NHA ki baat kiu nhi krty sub
PIA sy ziada Loss ho rha
NHA is a bit nuanced as its the state which primarily provides a road network (public good). PIA is more straightforward. It does not ensure low prices, nor does it serve a strategic national purpose. Same story with PSM
I disagree. Privatisation is not the answer especially in a country like Pakistan where everything is already hell bent to screw lower segment of the society. This country lacks visionary leadership and out of the box solutions.
I tend to agree with you. Smart internal control can completely stops bleeding of financial resources and optimum level of productivity. Example are Chinese and Indonesian own SOE. Many of them are included in fortune 500 companies. Now look at our country biggest private entity K electric. What benefit K electric has given to the people? Increase load shedding in peak summer depite paying bills on time whereas in China and Indonesia, state own power utilities provides 24/7 uninterrupted power supply at a fraction of a cost.
This video is based on publicly available macroeconomic data on Pakistan. If you are interested in further reading, please see the following sources:
www.finance.gov.pk/publications/Federal_Footprint_SOEs_Consolidated_Report_FY2020_22.pdf
Kindly comment pin kr diya krein
umm why cant we talk about NHA again?
Thank you :)
do you have any resources to read up on the losses of Peshawar and Quetta electric?
Let me pull up the sources and share with you tomorrow
Sir ,kindly share the reference as well
Abc
Good Job Sir, I really appreciate your work
Remember you from Careem :)
Brother bhag naa jaana jaldi views na aane pay
That's the best comment ever. Yes, this is the repeated advice I have gotten from friends who are creators. We will stay he course IA
:)
What is your email address?