Web Desk: Federal government has added the country’s three largest international airports to its revised five-year privatisation programme, with plans to complete their transfer to private sector management during the first year of the roadmap, according to official documents.
The updated strategy marks a significant expansion of the government’s privatisation drive as it seeks to reduce the financial burden of state-owned enterprises, improve operational efficiency and attract private investment under its broader economic reform agenda.
Under the revised plan, the government will privatise or restructure 25 state-owned enterprises (SOEs) over three phases spanning five years.
The first phase, scheduled for completion within the next year, includes the privatisation of Jinnah International Airport in Karachi, Islamabad International Airport and Allama Iqbal International Airport in Lahore. The three airports were not included in the government’s previous privatisation programme.
Alongside the airports, authorities also plan to privatise Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), the Roosevelt Hotel in New York, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO) and Sindh Engineering Limited.
The revised roadmap divides the privatisation programme into three stages.
The first phase covers 11 entities over the next year, while the second phase targets 13 organisations for privatisation within one to three years. The final phase, extending from three to five years, includes one remaining state-owned enterprise.
The updated list no longer includes Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL), as the government considers the privatisation of both organisations to have been completed successfully.
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 list 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).
Meanwhile, Postal Life Insurance Company has been placed in the third and final phase of the programme.
The revised privatisation roadmap forms part of the government’s efforts to overhaul loss-making public enterprises, strengthen fiscal sustainability and expand private sector participation in the economy.
Officials say the programme is also aligned with Pakistan’s broader structural reform commitments aimed at improving public finances, enhancing the performance of state-owned entities and encouraging long-term private investment.
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