24 SOEs to go under the hammer in three phases
Govt kicks off phased privatisation drive with PIA, power firms in first round
ISLAMABAD:
The federal government has approved a phased privatisation plan for 24 state-owned enterprises (SOEs), including Pakistan International Airlines (PIA), First Women Bank and several key power and financial institutions.
This was shared with the National Assembly by Parliamentary Secretary for Privatisation Aasia Ishaque Siddiqui on Monday.
Speaking during the Question Hour, she said the Cabinet Committee on Privatisation (CCoP), in its meeting held on August 2, 2024, gave the go-ahead for the multi-year plan, which will be implemented in three phases over the next five years.
She said Phase I will be completed within one year, Phase II within one to three years, and Phase III in three to five years.
Entities listed under Phase I include PIA, First Women Bank, House Building Finance Corporation, Zarai Taraqiati Bank, Pakistan Engineering Company (PECO), Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO) and Sindh Engineering Limited.
She further informed the House that Phase II will see the privatisation of the State Life Insurance Corporation, Pakistan Reinsurance Company, Central Power Generation Company, Jamshoro Power Company, Northern Power Generation Company and Lakhra Power Generation Company.
In addition, Phase II includes the Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Hazara Electric Supply Company, Hyderabad Electric Supply Company, Peshawar Electric Supply Company and Sukkur Electric Supply Company.
Phase III, she added, will include the privatisation of the Postal Life Insurance Company.
NA praises military’s response
Earlier, the NA unanimously passed a resolution lauding the armed forces for their outstanding professionalism, alertness and bravery in defending Pakistan’s sovereignty.
The resolution, moved by Federal Minister for Law and Justice Azam Nazeer Tarar, commended the armed forces for their exemplary professionalism, vigilance and courage in responding to unprovoked Indian aggression with exceptional restraint and responsibility and through a measured and befitting response.
It declared that the nation bows its head in humility before the Almighty for granting the Pakistani nation the dignity and honour in defending the motherland’s territorial integrity against naked Indian aggression.
The resolution congratulated the entire nation, stating it had risen above all differences and stood united behind its leadership across the political spectrum with one voice – Pakistan.
Rich tributes were paid to the brave martyrs who laid down their lives in defence of the motherland, with the House acknowledging their supreme sacrifice as a symbol of national pride, resilience and unity.
