ISLAMABAD: The government of Pakistan has decided to amend the Privatization Commission Act, introducing the Privatization Commission (Amendment) Bill 2024 in the National Assembly, ARY News reported.
According to reports, the bill has been referred to the relevant standing committee for review. Key changes include transferring significant powers related to the commission from the federal cabinet to the Prime Minister.
The decision means that the Chairman and members of the commission will have their salaries and allowances determined by the Prime Minister, shifting the current powers from the federal cabinet.
For the privatization of any entity, the commission will now consult the Ministry of Privatization rather than the cabinet before issuing advertisements.
This amendment reflects a significant shift in governance, centralizing key decisions under the executive authority of the Prime Minister.
Read More: Pakistan govt unveils 5-year privatization plan
Back in October 2024, the Pakistan government’s five-year (2024-29) privatization plan was been revealed, detailing the privatization 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 Privatization following the approval of the federal cabinet.
In the first phase, the plan outlines the privatization 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.
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.
