TODAY'S story has very little to do with the Philippines — and for that, you probably should be thankful — but it is an interesting story and provides some insights into how sovereign finance works at the highest levels.Pakistan has a huge public debt, something in the neighborhood of $240 billion in total, or roughly 75 percent of its GDP, which is one of the worst debt-to-GDP ratios in the world. A little more than half of that, or about $131 billion, is external debt.
' There are about 80 state-owned enterprises on the list of those that the government would like to shed, ranging from utilities, power plants, several banks, and a few truly dubious holdings, such as a hotel in New York. One of the biggest enterprises, and the one that seems likely to serve as the test case for the others, is Pakistan International Airlines , which just last month passed a major hurdle to allow it to be packaged for private investors.
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