Few indicators capture the depth of Pakistan's fiscal malaise as starkly as the performance of its state-owned enterprises. The latest figures released by the Ministry of Finance make for grim reading: in the first full fiscal year of the current government, net losses of SOEs ballooned by 300%, while taxpayer-funded fiscal support surged to Rs2.1 trillion. This is a horrific structural failure that continues to drain public resources and undermine economic stability.

The headline numbers are troubling. Aggregate........

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