The Pakistan government's five-year privatisation plan for 2024-2029 has been unveiled, detailing the sale of 24 state-owned institutions in three phases.
The list, prepared by the Ministry of Privatisation and approved by the federal cabinet, outlines that 10 institutions will be privatised in the first year. Key entities slated for privatisation in this phase include Pakistan International Airlines (PIA), the Roosevelt Hotel in New York, Agricultural Development Bank, First Women Bank, and House Building Finance Corporation. Additionally, Pakistan Engineering Company, Sindh Engineering Limited, and power distribution companies in Islamabad, Faisalabad, and Gujranwala will also be sold off in this phase.
In the second phase, covering a period of three years, 13 institutions will be privatised. These include the Utility Stores Corporation and several 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), as well as Peshawar and Hazara Electric Supply Companies. Power generation companies such as Jamshoro Power Company, Central Power Generation Company, Northern Power Generation, and Lakhra Power Generation Company are also included. Additionally, State Life Insurance and Pakistan Reinsurance Company will be privatised during this phase.
The final phase will focus on the privatisation of one institution.
Earlier, Finance Minister Muhammad Aurangzeb reaffirmed the government's commitment to complete the privatisation of PIA and three power distribution companies before the end of 2024. In a recent interview, he stated that the government remains on track to achieve this target.