NA announced that 24 state-owned businesses would be privatised in three stages.
The decision, which was reached at a meeting on August 2, 2024, outlines a three-phase privatisation plan.
Ministry of Privatization has categorized the privatization into three phases, in which the entities which fall in the first phase will be privatized within one year, while the entities falling in Phase two within one to three years, and Phase three within three to five years.
List of Entities by Phase
First Phase:
Pakistan Engineering Company (PECO), Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO), Sindh Engineering Limited, Pakistan International Airlines (PIA), First Women Bank, House Building Finance Corporation, and Agricultural Development Bank
Phase Two:
Pakistan Reinsurance Company and State Life Insurance Corporation
The Central Power Generation Company
Phase Three: Hazara Electric Supply Company, Hyderabad Electric Supply Company, Peshawar Electric Supply Company, Sukkkur Electric Supply Company, Jamshoro Power Company, Northern Power Generation Company, Lahore Electric Supply Company (LESCO), and Multan Electric Power Company (MEPCO)
The 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.
Additionally, Defence Minister Khawaja Asif stated that the government is forming a strategic partnership with PIA; however, if this does not work out, the Roosevelt Hotel in New York may be sold out.
25 state-owned businesses are reportedly prepared for privatisation. The top name of PIA’s Roosevelt Hotel in New York is on the list. The names of insurance providers and power plants are also included in the list.
The privatisation of 178 government-owned businesses over the past 32 years has produced 6.49 trillion Pakistani rupees.
