The federal government has approved the privatisation of 24 state-owned enterprises (SOEs), with Pakistan International Airlines (PIA), First Women Bank, and several power and financial institutions set to be privatised in the first phase.
Parliamentary Secretary Aasia Ishaque Siddiqui informed the National Assembly during the Question Hour, that the Cabinet Committee on Privatization (CCoP), in its meeting held on August 2, 2024, approved a phased plan for the privatisation of 24 public sector organizations. The process will be conducted in three phases over the next five years.
She said that the first phase will be completed within one year, second phase within one to three years, and third phase will be accomplished in three to five years.
The first phase includes the privatisation of PIA, First Women Bank, House Building Finance Corporation, Zarai Taraqiati Bank, Pakistan Engineering Company (PECO), Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO), and Sindh Engineering Limited, she added.
However, she informed the house that in the second phase, the entities marked for privatization include State Life Insurance Corporation, Pakistan Reinsurance Company, Central Power Generation Company, Jamshoro Power Company, Northern Power Generation Company, and Lakhra Power Generation Company.
Additionally, Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hazara Electric Supply Company, Hyderabad Electric Supply Company, Peshawar Electric Supply Company, and Sukkur Electric Supply Company will also be privatized in this phase.
Similarly, Phase III will include the privatization of the Postal Life Insurance Company, she added.
