Islamabad, October 14,2024- The federal government has revealed its five-year privatization plan for the period 2024-2029. According to the plan, 24 public institutions will be privatized in three phases.
Details of the plan, which have been approved by the federal cabinet, indicate that 10 institutions will be privatized in the first phase over the course of one year. Among the key institutions in this phase are Pakistan International Airlines (PIA) and the Roosevelt Hotel in New York, both of which will be privatized.
According to official documents, the first phase also includes the privatization of the Zarai Taraqiati Bank, First Women Bank, House Building Finance Corporation, Pakistan Engineering Company, Sindh Engineering Limited, and three electricity distribution companies: Islamabad, Faisalabad, and Gujranwala Electric.
The second phase of the plan will involve the privatization of the Utility Stores Corporation. Additionally, six more electricity distribution companies—Lahore, Multan, Hyderabad, Sukkur, Peshawar, and Hazara Electric Supply Companies—are set to be privatized in this phase.
Furthermore, four state-owned power generation companies—Jamshoro Power, Central Power Generation, Northern Power Generation, and Lakhra Power Generation—will also be privatized in the second phase. The State Life Insurance Corporation and Pakistan Reinsurance Company are on the list for privatization during this period as well.
In the third and final phase, the Postal Life Insurance Company will undergo privatization.
Government sources have indicated that further public institutions are being identified and could be included in the privatization program at a later stage.
