Govt Unveils 2024 Privatization Plan for PIA Power Firms

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 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, and power distribution companies in Islamabad, Faisalabad, and Gujranwala will also privatised in the first phase.

The second phase will cover the privatization 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.

Minister announces new date for PIA privatization

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 privatization 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 privatizing 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 privatization of the national carrier along with three power distribution companies (Discos) before 2024 culminates.