ISLAMABAD:  The Pakistan government’s five-year (2024-29) privatisation plan has been revealed, under which 24 institutions will be privatised in three phases.

A 5-year plan for the privatisation of public institutions has revealed from the federal government, which is for 2024 to 2029.

After the approval of the Federal Cabinet, a list of institutions has been prepared by the Ministry of Privatization according to which 24 institutions will be privatised in three phases, 10 institutions will be privatized in one year in the first phase while 13 institutions will be privatized in 1 to 3 years in the second phase. In the third and last phase, a plan has been made to privatize an institution in 3 to 5 years.

The privatisation plan states that Pakistan International Airlines (PIA) and Roosevelt Hotel New York will be privatized in the first phase, Agricultural Development Bank and First Women Bank will be privatized in the first phase, while the privatization process of House Building Finance Corporation will also be completed in the first phase.

Similarly, Pakistan Engineering Company and Sindh Engineering Company Limited will be privatized in the first phase, while the electricity companies of Islamabad, Faisalabad and Gujranwala will also be privatized in the first phase.

The document states that electricity distribution companies, Northern Power Generation, Lakhra Power Generation Company, Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO) while Peshawar and Hazara Electric Supply Companies will be privatised.

The privatization of Jamshoro Power Company and Central Power Generation Company will also take place in the second phase.

According to the document, in the second phase, Utility Stores Corporation, State Life Insurance and Pakistan Reinsurance Company will also be privatised.

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The documents state that in the third and final phase of the plan, the process of privatisation of the Postal Life Insurance Company will be completed.