Restoring Public Confidence via State-Owned Enterprise Reform: An Accountability and Transparency Framework for Pakistan

Abstract

Eight significant Pakistani State-Owned Enterprises (SOEs)—PIA, Pakistan Steel 
Mills, Pakistan Railways, NHA, LESCO, HESCO, Utility Stores Corporation, and PTV—are 
thoroughly evaluated quantitatively and qualitatively in this research from 2019 to 2024. The 
research looks at financial performance, subsidy dependency, efficiency, and fiscal burden 
using theme content analysis, cross-case comparison, and theoretical mapping (agency, 
institutional, public value, behavioral economics, and political economy frameworks). The 
results show persistent losses for all SOEs, with PIA and PSM using more than 92% of all 
subsidies, a 7.9% CAGR for subsidies, and overall efficiency below sustainable levels. 
Particularly in the steel and aviation industries, structural inefficiencies, political meddling, and 
operational breakdown are apparent. The report offers practical ideas for sustainable, 
transparent, and trust-restoring public sector management while highlighting critical reform 
requirements, such as privatization, PPP models, governance professionalization, and citizen
focused accountability.