Govt to privatize 24 institutions in three phases; PIA in first

The federal government has announced its plan to privatize 24 government-owned organizations. This will be done in three phases.

Federal Minister for Privatization Abdul Aleem Khan shared the details while speaking in the National Assembly on Thursday.

First Phase (Within One Year)

In the first phase, 10 major institutions will be privatized. This process is expected to be completed within one year.

Key organizations included in the first phase are:

• Pakistan International Airlines (PIA)

• Roosevelt Hotel (New York-based asset owned by PIA)

• Agricultural Development Bank

• Three electricity distribution companies, including IESCO (Islamabad Electric Supply Company)

The government says these privatizations will help reduce losses and improve efficiency.

Second Phase (1 to 3 Years)

The second phase will take between one and three years. It includes the privatization of 13 more entities.

Important companies in this phase are:

• State Life Insurance Corporation

• Utility Stores Corporation

• Four more electricity distribution companies (DISCOs)

• Six additional DISCOs, including LESCO (Lahore Electric Supply Company)

Minister Abdul Aleem Khan explained that reforms in these institutions are needed before privatization begins.

Third Phase (3 to 5 Years)

The final phase will last from three to five years. Only one company will be privatized during this phase — Postal Life Insurance Company.

The minister assured the National Assembly that the process will be transparent. He added that improving services and reducing government expenses are the main goals.

The privatization plan is part of a broader economic reform program aimed at reducing the financial burden on the government.