Govt unveils major privatization plan; Islamabad, Karachi and Lahore Airports Included

ISLAMABAD (Rizwan Abbasi): ABN News has obtained the federal government’s updated five-year privatization roadmap, revealing that Pakistan’s three largest international airports have been included in the privatization program.

According to official documents, Islamabad International Airport, Jinnah International Airport Karachi, and Allama Iqbal International Airport Lahore have been placed in the first phase of the plan, with the government aiming to complete their privatization within one year.

The documents further reveal that Pakistan International Airlines (PIA) and First Women Bank have been removed from the privatization list following the completion of their privatization process.

Under the five-year roadmap, a total of 25 state-owned entities have been selected for privatization in three phases. The first phase envisages the privatization of 11 entities within one year, the second phase covers 13 entities over one to three years, while the third and final phase includes one entity to be privatized within three to five years.

Entities included in the first phase comprise Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Roosevelt Hotel New York, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Corporation (HBFC), Pakistan Engineering Company, and Sindh Engineering Limited.

The second phase includes Utility Stores Corporation, 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, and Pakistan Reinsurance Company Limited.

According to the roadmap, Postal Life Insurance Company Limited is the only entity scheduled for privatization in the third and final phase of the program.