The Privatization Commission Board (PCB) has approved the privatization of electricity distribution companies (DISCOs), marking a significant step towards addressing the key challenges of poor governance and inadequate investment faced by these entities. The board also decided to appoint financial advisors to facilitate the process.
The board meeting, chaired by Federal Minister for Investment, Communications, and Privatization Abdul Aleem Khan, emphasized the importance of ensuring a transparent and swift privatization process. Minister Khan highlighted the need for privatization to bolster and revive the national economy, with an expectation of profitability once these institutions are transferred to the private sector.
In the first phase, three DISCOs will undergo privatization. The legal procedures related to the privatization are anticipated to be completed by 2025.
Minister Khan underscored that the privatization of Pakistan International Airlines (PIA) serves as a testament to the private sector’s commitment to the privatization initiative. He stressed that meeting all privatization targets on time is crucial, with the final approval to be granted by the Cabinet Committee on Privatization (CCoP).
