Pakistan to Privatize 24 State-Owned Enterprises in Three Phases

ISLAMABAD — The federal government has officially unveiled its plan to privatize 24 state-owned enterprises (SOEs) over the next five years, according to a statement presented in the National Assembly by Federal Minister for Privatization, Abdul Aleem Khan.

The privatization will be carried out in three distinct phases, aimed at reforming loss-making institutions and reducing the government’s fiscal burden.

According to the minister’s written statement, the first phase will span one year and includes the privatization of 10 institutions. The second phase, set over the next one to three years, will see the privatization of 13 more enterprises. The third and final phase will target one remaining institution within a three to five-year window.

“This structured approach will allow us to streamline inefficient entities, improve public services, and attract domestic and foreign investment,” said Abdul Aleem Khan.

Institutions Listed for Privatization

Phase 1 (1 Year)

• Pakistan International Airlines (PIA)
• Roosevelt Hotel, New York
• First Women Bank Limited
• House Building Finance Corporation
• Agricultural Development Bank
• Sindh Engineering Limited
• Islamabad Electric Supply Company (IESCO)
• Faisalabad Electric Supply Company (FESCO)
• Gujranwala Electric Power Company (GEPCO)

Phase 2 (1–3 Years)

• Pakistan Reinsurance Company Limited
• State Life Insurance Corporation
• Utility Stores Corporation
• Jamshoro Power Company Limited
• Central Power Generation Company Limited
• Northern Power Generation Company Limited
• Lakhra Power Generation Company Limited
• Lahore Electric Supply Company (LESCO)
• Multan Electric Power Company (MEPCO)
• Hazara Electric Supply Company
• Hyderabad Electric Supply Company (HESCO)
• Peshawar Electric Supply Company (PESCO)
• Sukkur Electric Power Company (SEPCO)

Phase 3 (3–5 Years)

• Postal Life Insurance Company

The list of these 24 entities was previously approved by the Cabinet Committee on Privatization on August 2, 2024, and was subsequently ratified by the Federal Cabinet on August 13, 2024.

The initiative is part of the government’s broader economic reform agenda aimed at improving the efficiency of public services and reducing financial losses caused by under performing state-owned companies.

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