In SA it's the opposite—govt entities are pitifully incompetent and in debt; Naspers, one of the only state owned companies that went private is I think now close to the most valuable company on the JSE (although they spinned off Prosus to compensate for undervalues Tencent shares).

In any case, maybe Naspers is not what you would want all the state owned entities to turn into? There is always an argument for the risks of privitasation as well...