ISLAMABAD – The government of Pakistan started three-phase privatization plan for 24 state-owned enterprises including loss making national carrier, and several other organisations.
National Assembly of Pakistan has formally presented a list of two dozen state-owned enterprises earmarked for privatization, following a green light from the Cabinet Committee on Privatization. The plan, finalized during a high-level meeting on August 2, 2024, introduces a structured three-phase approach.
The entities have been classified based on priority and preparedness. In first Phase, nine entities, including Pakistan International Airlines (PIA), First Women Bank, House Building Finance Corporation, and Agricultural Development Bank. Major power distributors like Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO) will be privatised.
The second phase includes State Life Insurance Corporation, Pakistan Reinsurance Company, and several electric supply companies such as Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Hyderabad Electric Supply Company.
The only organization in the third phase is the Postal Life Insurance Company, with privatization expected within the next five years.
During a recent parliamentary session, National Assembly member Bashir Khan questioned the government on the results of previous privatization efforts. In response, the Parliamentary Secretary confirmed that PIA’s privatization is expected to be completed by October or November 2025.
Recent developments indicate that a total of 25 state-owned enterprises are ready for privatization, with the Roosevelt Hotel featuring prominently on the list, alongside various power generation companies and insurance providers.
Over the time, the South Asian nation privatized 178 public sector enterprises, generating an estimated PKR 6.49 trillion in revenue.
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