The federal government has added Pakistan’s three largest international airports to its revised five year privatization program, with plans to complete their privatization during the first year of the roadmap as part of a broader effort to restructure state owned enterprises.
According to official documents, Jinnah International Airport Karachi, Islamabad International Airport, and Allama Iqbal International Airport Lahore have been included in the updated privatization plan. The three airports were not part of the government’s previous privatization roadmap.
The revised strategy covers the privatization or restructuring of 25 state owned enterprises (SOEs) in three phases. The first phase, scheduled to be completed within one year, includes 11 entities, while 13 entities will be taken up during the second phase over the following one to three years. The final phase, spanning three to five years, includes one remaining entity.
The government has removed Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL) from the updated roadmap after considering the privatization of both entities as completed.
Besides the three airports, the first phase includes the privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Roosevelt Hotel in New York, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO), and Sindh Engineering Limited.
The second phase includes 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), Hazara Electric Supply Company (HAZECO), 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 Postal Life Insurance Company is the only entity scheduled for privatization during the third and final phase of the program.
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