Three more airports 'added' to govt's revised privatisation plan
· Geo News- Roosevelt Hotel New York included in first privatisation phase.
- ZTBL, HBFC among 11 entities in first phase.
- Postal Life Insurance in final privatisation phase.
ISLAMABAD: The federal government has added Pakistan's three largest international airports to its revised five-year privatisation programme alongside seven power distribution companies, as part of a plan to divest or restructure 25 state-owned entities in three phases, The News reported, citing official documents.
According to the updated privatisation plan, the Jinnah International Airport Karachi, Islamabad International Airport, and Allama Iqbal International Airport Lahore have been added to the list of state-owned assets earmarked for private sector participation.
The three airports were not part of the government’s earlier privatisation programme.
The revised roadmap, prepared under the federal government’s five-year privatisation strategy, envisages the divestment or restructuring of 25 state-owned entities (SOEs) in three phases.
Under the plan, 11 entities will be taken up during the first phase over the next year, 13 entities in the second phase spanning one to three years, and one entity in the final phase over three to five years.
The latest list excludes Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL), as the government considers the privatisation of both entities to have been successfully completed.
Besides the three international airports, the first phase includes the privatisation of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), the Roosevelt Hotel in New York, the Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO) and Sindh Engineering Limited.
During the second phase, the government plans to privatise 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 second phase also includes 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). The third and final phase of the programme envisages the privatisation of the Postal Life Insurance Company.
The revised roadmap reflects the government’s broader effort to reduce the financial burden of loss-making public sector enterprises, improve efficiency and attract private investment as part of its economic reform agenda. The programme also aligns with Pakistan’s structural reform commitments aimed at improving fiscal sustainability and strengthening the role of the private sector in the economy.