Islamabad, Oct 14: Pakistan govt unveils 5-year privatisation plan
According to an official document cited by ARY News, the Pakistani government’s five-year (2024–2029) privatization plan has been made public. It describes the privatization of 24 institutions in three stages.
Details state that the federal cabinet’s consent was obtained before the Ministry of Privatization created the privatization list.
The strategy calls for the privatization of ten institutions in the first year. In the first phase, the plan calls for the privatization of the Agricultural Development Bank, First Women Bank, House Building Finance Corporation, and Pakistan International Airlines (PIA) as well as the Roosevelt Hotel in New York.
In the first phase, power distribution businesses in Islamabad, Faisalabad, and Gujranwala, as well as Pakistan Engineering Company and Sindh Engineering Limited, will also be privatized.
Thirteen institutions, including Utility Stores Corporation and power distribution companies like Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO), Lahore Electric Supply Company (LESCO), and Sukkur Electric Power Company (SEPCO), will be privatized in the second phase. In addition, the three-year privatization of the Hazara and Peshawar Electric Supply Companies is planned.
The second phase also includes the listing of power generation firms, such as Jamshoro Power Company, Central Power Generation Company, Northern Power Generation, and Lakhra Power Generation Company. During this time, Pakistan Reinsurance Company and State Life Insurance will be privatized.
One institution will be the subject of privatization in the third phase.
Prior to this, the government’s pledge to privatize Pakistan International Airlines (PIA) and three power distribution firms (Discos) by the end of 2024 was reiterated by Finance Minister Muhammad Aurangzeb.
During the end of 2024, the national carrier and three electricity distribution companies (Discos) will be fully privatized, according to Aurangzeb, who recently spoke with a private channel.
