Our public-sector enterprises are bleeding cash at a rate of c Rs1.5 trillion a year. In the energy sector alone, we have lost Rs5.5 trillion. Foreign investment contracts are bungled – Reko Diq and Karkey arbitrations alone resulted in a penalty of $7 billion. The investigative committee reports have shown a policy capture in sugar that costs billions annually to the taxpayers. In 2018, Pakistan had the most failed Asian Development Bank projects of any country – totaling seven out of twelve. This inability to perform has a direct financial hit and also an opportunity cost of lower growth rate, which has led us to fall behind countries like India and Bangladesh. Every government blames this mess on past corruption. Despite several purges, the state-owned enterprises leakages and policy capture merely pile up. So where is the problem?