Finance Minister Muhammad Aurangzeb on Monday said the government will accelerate the privatization of state-owned enterprises (SOEs) under a transparent framework.
The finance minister said 26 government-owned institutions have already been transferred to the Privatization Commission. Additional entities will be privatized in the next phase.
Aurangzeb said losses of SOEs declined by Rs. 74 billion over the past three years, falling from Rs. 905 billion in 2023 to Rs. 851 billion in 2024, and further to Rs. 832 billion in 2025. He said the reduction translates into savings of around Rs. 142 million per day during the period.
The finance minister said the government provided Rs. 2.1 trillion in financial support to SOEs. He added that even after this support, the sector recorded a net positive inflow of Rs. 40 billion in the last fiscal year.
Aurangzeb said profits of some otherwise profitable entities, including Oil & Gas Development Company Limited (OGDCL), declined during the period.
He said several loss-making institutions, including the Pakistan Public Works Department (PWD), Utility Stores Corporation, and PASSCO, were closed due to widespread leakage, theft, and corruption in subsidy mechanisms.
He briefly mentioned that the First Women Bank and Pakistan International Airlines have been privatized through transparent processes, while the privatization of the Agricultural Development Bank has entered an advanced stage.
He said the government also plans to privatize the House Building Finance Corporation and five electricity distribution companies to save more money.
Failed minister