Pakistan’s government releases a five-year privatization plan.

Details indicate that after receiving approval from the federal cabinet, the Ministry of Privatization created the privatization list.

Ten institutions are to be privatized in a year as part of the first phase of the proposal. The plan also states that the Agricultural Development Bank, First Women Bank, House Building Finance Corporation, and Pakistan International Airlines (PIA) will be privatized in the first phase, along with the Roosevelt Hotel in New York.

The initial phase of privatization would also include the Pakistan Engineering Company, Sindh Engineering Limited, and power distribution businesses located in Islamabad, Faisalabad, and Gujranwala.

Phase two will see the privatization of thirteen institutions, comprising Sukkur Electric Power Company (SEPCO), Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO), Lahore Electric Supply Company (LESCO), and Utility Stores Corporation. It is also planned to privatize the Hazara and Peshawar Electric Supply Companies within the next three years.

The second phase of the listing includes power generation companies such as Central Power Generation Company, Jamshoro Power Company, Northern Power Generation, and Lakhra Power Generation Company. Pakistan Reinsurance Company and State Life Insurance will be privatized during this time.

One institution’s privatization will be the main goal of the third phase.

Prior to that, Pakistan International Airlines (PIA) and three electricity distribution companies (Discos) would be sold by the government by the end of 2024, as stated by Finance Minister Muhammad Aurangzeb.

The national carrier and three electricity distribution companies (Discos) will be fully privatized by the current government before 2024 ends, according to Aurangzeb, who recently spoke with a private channel.