The Pakistani government has announced a comprehensive five-year privatization strategy for the period 2024-2029, which includes the privatization of 24 institutions in three distinct phases.

This plan was approved by the federal cabinet and outlined by the Ministry of Privatization.

In the first phase, set to occur within the next year, ten institutions will be privatized.

Key entities in this phase include Pakistan International Airlines (PIA), the Roosevelt Hotel in New York, the Agricultural Development Bank, First Women Bank, and the House Building Finance Corporation.

Additionally, the Pakistan Engineering Company, Sindh Engineering Limited, and several power distribution companies in Islamabad, Faisalabad, and Gujranwala are set for privatization.

The second phase will focus on 13 institutions, including the Utility Stores Corporation and multiple power distribution companies such as Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).

Other companies slated for privatization in this phase include various electric supply companies and power generation companies like Jamshoro and Northern Power Generation.

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The final phase will center on the privatization of one remaining institution.

Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to privatizing PIA and three power distribution companies by the end of 2024, emphasizing the administration’s dedication to completing these transactions within the designated timeframe.