Islamabad: The federal government has included Pakistan’s three largest international airports in its revised five-year privatization plan, aiming to complete their privatization during the first phase of the program as part of broader reforms to restructure state-owned enterprises (SOEs).
According to official documents, Jinnah International Airport Karachi, Islamabad International Airport, and Allama Iqbal International Airport Lahore have been added to the updated roadmap. The three airports were not included in the government’s previous privatization strategy.
The revised plan covers the privatization or restructuring of 25 state-owned enterprises in three phases. The first phase, expected to be completed within one year, includes 11 entities, while the second phase will cover 13 organizations over the following one to three years. The final phase, spanning three to five years, includes one remaining entity.
The government has removed Pakistan International Airlines (PIA) and First Women Bank Limited (FWBL) from the updated roadmap after considering their privatization process complete.
In addition to the three airports, the first phase includes the privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Roosevelt Hotel in New York, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Company (HBFC), Pakistan Engineering Company (PECO), and Sindh Engineering Limited.
The second phase covers several major public sector organizations, including 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), 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 of Pakistan, and Pakistan Reinsurance Company Limited (PRCL).
The Postal Life Insurance Company is the only entity scheduled for privatization during the third and final phase of the government’s roadmap.
