Govt Reveals 3-Phase Privatization Plan
According to the decision finalized in a meeting on August 2, 2024, the highlights a three-phase privatization strategy.
The Ministry of Privatization has categorized privatization into three phases. The entities in the first phase will be privatized within one year, the entities in Phase Two within one to three years, and the entities in Phase Three within three to five years.
List of Entities Phase-wise
Phase One:
Pakistan International Airlines (PIA)
First Women Bank
House Building Finance Corporation
Agricultural Development Bank
Pakistan Engineering Company (PECO)
Islamabad Electric Supply Company (IESCO)
Gujranwala Electric Power Company (GEPCO)
Faisalabad Electric Supply Company (FESCO)
Sindh Engineering Limited
PIA issues advisory for passengers amid Indo-Pak tensions
Phase Two:
State Life Insurance Corporation
Pakistan Reinsurance Company
Central Power Generation Company
Jamshoro Power Company
Northern Power Generation Company
Lakhra Power Generation Company
Lahore Electric Supply Company (LESCO)
Multan Electric Power Company (MEPCO)
Hazara Electric Supply Company
Hyderabad Electric Supply Company
Peshawar Electric Supply Company
Sukkur Electric Supply Company
Phase Three:
Postal Life Insurance Company
Upon a question raised by a member, Bashir Khan, during a National Assembly session about the completed privatizations and revenue generation, the Parliamentary Secretary responded that PIA’s privatization is likely to be completed this year by October-November 2025.
Moreover, Defence Minister Khawaja Asif mentioned that the government is strategic alliance for PIA, but if not successful, it may be executed with the complete sale of the Roosevelt Hotel in New York.
According to recent reports, 25 state-owned enterprises are ready to be privatised. The top name of PIA’s Roosevelt Hotel in New York is included in the list, which also contains the names of power generation plants and insurance companies.
In the last 32 years, a total of 178 government-owned companies have been privatized, resulting in 6.49 trillion Pakistani rupees being generated.
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