Govt adds Karachi, Islamabad, Lahore airports to privatisation plan
Revised five-year roadmap covers 25 SOEs, with 11 entities including three major airports, IESCO, FESCO, GEPCO, Roosevelt Hotel and ZTBL placed in first phase
The federal government has added Jinnah International Airport Karachi, Islamabad International Airport and Allama Iqbal International Airport Lahore to its revised five-year privatisation programme, placing Pakistan’s three largest international airports among 11 entities planned for privatisation in the first year, The News reported, citing official documents.
The three airports were not part of the earlier privatisation programme.
The revised plan covers 25 state-owned entities (SOEs) and will be implemented in three phases. The first phase will take up 11 entities over the next year, followed by 13 entities in the second phase over one to three years. One entity has been placed in the final phase, covering three to five years.
The first phase includes the three airports, Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Roosevelt Hotel in New York, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO) and Sindh Engineering Limited.
Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL) have been excluded from the latest list, as the government considers their privatisation completed.
In the second phase, the government plans to privatise the Utility Stores Corporation (USC), Lahore Electric Supply Company (Lesco), Multan Electric Power Company (Mepco), Hyderabad Electric Supply Company (Hesco), Sukkur Electric Power Company (Sepco), Peshawar Electric Supply Company (Pesco) and Hazara Electric Supply Company (Hazeco).
The same phase also includes Jamshoro Power Company, Central Power Generation Company Limited (CPGCL), Northern Power Generation Company Limited (NPGCL), Lakhra Power Generation Company Limited (LPGCL), State Life Insurance Corporation of Pakistan and Pakistan Reinsurance Company Limited (PRCL).
Postal Life Insurance Company has been placed in the third and final phase of the programme.
The revised roadmap is part of the government’s plan to reduce the fiscal burden of state-owned enterprises, attract private investment and expand the role of the private sector in the economy.
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