The federal government has unveiled a new five year privatisation programme targeting 25 state owned entities, to be carried out in three separate phases.
The plan gives priority to the sale of three major airports within the first year, while dozens of other public sector organisations will be transferred to private ownership over the following years.
Under the first phase, the government intends to complete the privatisation of Jinnah International Airport Karachi, Islamabad International Airport and Allama Iqbal International Airport Lahore within twelve months.
Officials confirmed that Pakistan International Airlines (PIA) and First Women Bank (FWB) have been removed from the privatisation list after their sale processes were successfully finalised.
The first phase covers a total of 11 entities. Alongside the three airports, this includes the electric supply companies of Islamabad, Faisalabad and Gujranwala, the Roosevelt Hotel in New York, Zarai Taraqiati Bank (ZTBL), House Building Finance Corporation, Pakistan Engineering Company and Sindh Engineering Limited.
The second phase, which is expected to span one to three years, will involve the privatisation of 13 organisations.
These include Utility Stores Corporation, Lahore Electric Supply Company, Multan Electric Power Company, Hyderabad Electric Supply Company, Sukkur Electric Power Company, Peshawar Electric Supply Company and Hazara Electric Supply Company.
The list also includes Jamshoro Power Company, Central Power Generation Company, Northern Power Generation Company, Lakhra Power Generation Company, State Life Insurance Corporation and Pakistan Reinsurance Company.
The third and final phase, set to be completed within three to five years, will bring the privatisation of Postal Life Insurance Company to a close.
