Cabinet approves 5-year privatisation programme

ISLAMABAD: The federal cabinet has approved the five-year privatization programme from 2024 to 2029.

Under the programme, the process of privatization of twenty-four institutions will be completed in a phased manner and after the review, additional institutions will also be included in the privatization programme. Government sources said the institutions will be privatized in 3 phases under the programme. The privatization process of PIA and House Building Finance Corporation will be completed soon.

According to the sources, 9 government power distribution companies and 4 government power generation companies will be privatized. Faisalabad, Islamabad and Gujranwala electric power companies will be privatized in the first phase, while Lahore, Multan, Peshawar, Hazara, Sukkur and Hyderabad electric supply companies will be privatized in the second phase.

Sources said the privatization of Utility Stores Corporation, State Life Insurance Corporation and Pakistan Reinsurance Company are also included in the list.

According to the minister, the cabinet has directed that the comprehensive and detailed privatization schedule of the institutions approved for privatization should be sent to the federal cabinet, which includes the appointment of financial advisers and other requirements. According to the sources, the Privatization Committee of the Cabinet had approved the five-year privatization programme in its meeting on August 2, 2024. This decision was sent to the federal cabinet for final approval which was ratified by the cabinet on August 13 and given final approval.