In FY2025, Pakistan's state-owned enterprises (SOEs) experienced a dramatic increase in net losses, surging by 300% to Rs123 billion from Rs30.6 billion in FY2024, as reported by Geo Business. The National Highway Authority (NHA) and Quetta Electric Supply Company were among the largest contributors to these losses, with deficits of Rs294.9 billion and Rs112 billion, respectively. Despite efforts to reform these entities, the power sector's debt crisis deepened, with liabilities reaching Rs9.2 trillion, equivalent to half of Pakistan's annual budget, as highlighted by Dawn. The Finance Ministry's report criticized the lack of effective financial planning and the continued reliance on outdated business models, which have failed to address the sector's inefficiencies.