ISLAMABAD – The federal government on Thursday decided to privatize 24 government-owned entities in three phases.
Federal Minister for Privatization Abdul Aleem Khan presented the details in the National Assembly.
In his address, the minister stated that in the first phase, the privatization of 10 institutions will be completed within one year. The second phase, set to span from one to three years, will involve the privatization of 13 entities, while the final phase will cover the privatization of one institution over three to five years.
The first phase will include the privatization of major entities such as PIA (Pakistan International Airlines), Roosevelt Hotel, and the Agricultural Development Bank. Additionally, three distribution companies, including IESCO, will also be privatized in the first phase.
In the second phase, significant entities like State Life Insurance, Utility Stores Corporation, and four additional distribution companies (DISCOs) will undergo privatization. Abdul Aleem Khan further revealed that six more DISCOs, including LESCO (Lahore Electric Supply Company), will be privatized in the second phase.
The final phase will see the privatization of the Postal Life Insurance Company.
