The federal government has revised its five-year privatization plan to include the Jinnah International Airport Karachi, Islamabad International Airport, and Allama Iqbal International Airport Lahore to its list of state-owned assets seeking private sector ownership.
Under the revised roadmap, the center aims to divest or restructure 25 state-owned enterprises in three phases. Of these, 11 would be taken up in the first phase over the next year; 13 in the second phase over the next 1-3 years; and one in the final phase of 3-5 years. The latest list excludes Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL), as the government says privatization of both has been completed successfully.
The government’s phased plan calls for the privatization of the three airports, Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), New York’s Roosevelt Hotel, the Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO) and Sindh Engineering Limited in the first phase.
The second phase seeks the divestment of the Utility Stores Corporation (USC), Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO), Sukkur Electric Power Company (SEPCO), Peshawar Electric Supply Company (PESCO) and Hazara Electric Supply Company (HAZECO). The Jamshoro Power Company, Central Power Generation Company Limited (CPGCL), Northern Power Generation Company Limited (NPGCL), Lakhra Power Generation Company Limited (LPGCL), State Life Insurance Corporation of Pakistan, and Pakistan Reinsurance Company Limited (PRCL) are also included in this phase.
The third and final phase seeks the privatization of the Postal Life Insurance Company.
The government maintains the revised roadmap reflects its broader effort to reduce the financial burden of loss-making public sector enterprises, improve efficiency and attract private investment as part of economic reforms.