Government Unveils Five-Year Privatisation Plan for 24 State-Owned Enterprises
ISLAMABAD: The Federal Government has laid out a comprehensive five-year privatisation plan (2024–2029) aimed at divesting 24 state-owned enterprises (SOEs) in three phases. The plan was formally presented in the National Assembly by Minister for Privatisation Abdul Aleem Khan during the Question Hour, according to a report by The News.
Phase-Wise Breakdown of the Privatisation Programme
The first phase includes the privatisation of 10 major public entities:
-
Pakistan International Airlines (PIA)
-
Roosevelt Hotel (New York)
-
Zarai Taraqiati Bank Ltd (ZTBL)
-
Islamabad Electric Supply Company (Iesco)
-
Faisalabad Electric Supply Company (Fesco)
-
Gujranwala Electric Power Company (Gepco)
-
Pakistan Engineering Company (Peco)
-
Sindh Engineering Limited
-
First Women Bank Limited (FWBL)
The second phase—to be completed within one to three years—includes:
-
State Life Insurance Corporation
-
Utility Stores Corporation
-
Four Generation Companies (Gencos):
-
JPCL (Genco-I),
-
CPGCL (Genco-II),
-
NPGCL (Genco-III),
-
LPGCL (Genco-IV)
-
-
Six Distribution Companies (Discos):
-
Lesco,
-
Mepco,
-
Hazco,
-
Hesco,
-
Pesco,
-
Sepco
-
The third and final phase, spanning three to five years, includes the Postal Life Insurance Company.
The plan was approved by the Cabinet Committee on Privatisation (CCoP) on August 2, 2024, and subsequently ratified by the federal cabinet on August 13, 2024.
U.S. Shows Interest in Pakistan’s Copper Sector
In a separate written response, Commerce Minister Jam Kamal Khan revealed growing U.S. interest in Pakistan’s mining and minerals sector, especially copper. While the U.S. has imposed a 50% tariff on raw metals like copper, iron, steel, and aluminum, refined copper remains exempt, creating new export opportunities for Pakistan’s value-added mineral products.
State Life Halts Health Insurance in AJK, GB
The State Life Insurance Corporation has suspended health insurance services in Azad Jammu & Kashmir and Gilgit-Baltistan due to the discontinuation of federal funding for these regions, the commerce minister added in a separate written reply.
Energy Tariff Cuts & Inflation Control Efforts
Speaking during the session, Minister of State for Finance Bilal Azhar Kayani confirmed that the government intends to further reduce energy tariffs, aiming to lower input costs for local exporters. He also noted that inflation had significantly eased, with July FY2026 inflation at 4.1%, compared to 11.1% in July FY2025.
Speaker Ayaz Sadiq Criticizes Ministries Over Delays
The session turned tense when Speaker Ayaz Sadiq expressed strong disapproval over repeated delays in responses from the Ministries of Finance and Planning & Development. The issue arose after multiple parliamentary questions received “Reply Not Received” as a response.
In response, the Speaker:
-
Summoned the finance secretary
-
Warned of summoning the State Bank governor
-
Ordered the joint secretary of finance to leave the officer’s lobby
-
Directed strict follow-up from the Finance Committee Chair
Speaker Ayaz Sadiq also reprimanded the Planning Ministry, questioning delays in inter-provincial responses. Minister of State Armaghan Subhani’s request for an extension was rejected. “Does it take a year to answer one question?” asked the Speaker.
Law Minister Azam Nazeer Tarar later issued an unconditional apology on behalf of the absent secretaries, assuring cooperation moving forward.
