Charter of the Economy 5. 6. 7. 8. 9. 10. Source: MOF PSO WAPDA NTDC SNGPL GEPCO GENCO-II TOTAL 18.2 17.0 10.6 8.6 7.5 3.7 185.4 5. HESCO 6. PESCO 7. Sindh Engineering 8. QESCO 9. MEPCO 10. PSM TOTAL -27.3 -19.4 -19.3 -18.7 -17.9 -14.9 -368.6 The outstanding level of foreign loan guarantees is Rs798 billion, while outstanding domestic loan guarantees is Rs 1612 billion as of March 2021. Overall, the SOEs enjoy a high level of support from the Federal Government. The number of SOEs privatized since 1991 and the sale proceeds are given in Table 14.2. They aggregate to Rs 648 billion. Table 14.2: Number of Units Privatized by Type and the Sale Proceeds Number Sale Proceeds (Rs in Billion) The Federal Budget documents Banks 7 345 indicate the extent of support Telecommunication 4 187 provided to the SOEs from the units Federal Consolidated Fund and the Industrial Units 106 60 dividend and mark-up received. Energy units 48 54 Chapter 11 indicates that the net support received was Rs 525 billion in 2020-21. The quantum of Others TOTAL 47 2 212 648 support has been rising at the rate of 40 percent annually. The net transfer to SOEs in 2018-19 was Rs 522.9 billion. Therefore, there is a significant load placed by SOEs on the Federal Budget. Earlier the net transfers in 2014-15 were Rs 602.8 billion. Total financial support was Rs 783.8 billion, equivalent to 15 percent of total Federal Expenditure in 2018-19. 14.2. The Triage of SOEs A triage of 84 SOEs was recently undertaken by the Ministry of Finance. The fundamental issue relates to whether an economic activity should be undertaken by Government by not. This has been resolved by finding the answer to two questions as follows: a) Does the economic activity to be undertaken fall within the public policy framework of the Government? 140