Pakistan govt unveils 5-year privatisation plan
- By Aleem Malik -
- Oct 14, 2024
The Pakistan government’s five-year (2024-29) privatisation plan has been revealed, detailing the privatisation of 24 institutions in three phases, ARY News reported, citing an official document.
According to details, the privatization list was prepared by the Ministry of Privatisation following the approval of the federal cabinet.
In the first phase, the plan outlines the privatisation of 10 institutions within one year. According to the plan, Pakistan International Airlines (PIA) and Roosevelt Hotel in New York, the Agricultural Development Bank, First Women Bank, and House Building Finance Corporation will also undergo privatization in the first phase.
Pakistan Engineering Company, Sindh Engineering Limited, power distribution companies in Islamabad, Faisalabad, and Gujranwala will also privatised in the first phase.
The second phase will cover the privatisation of 13 institutions including Utility Stores Corporation, power distribution companies such as Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO), and Sukkur Electric Power Company (SEPCO). Additionally, Peshawar and Hazara Electric Supply Companies will be privatized in three years.
Read more: Minister announces new date for PIA privatisation
Power generation companies including Jamshoro Power Company, Central Power Generation Company, Northern Power Generation, and Lakhra Power Generation Company are also listed in the second phase. The privatisation of State Life Insurance and Pakistan Reinsurance Company will take place during this period.
The third phase will focus on privatizing one institution.
Earlier, Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to privatising Pakistan International Airlines (PIA) and three power distribution companies (Discos) before the end of 2024.
In a recent interview with a private channel, Aurangzeb said that the incumbent government will complete the privatisation of the national carrier along with three power distribution companies (Discos) before 2024 culminates.