The Senate Standing Committee on Privatisation was briefed by the Privatisation Commission as it unveiled a detailed list of state-owned enterprises (SOEs) slated for privatisation, signaling a major step in the government’s ongoing economic reforms.

According to the Privatization Commission, there are currently 84 SOEs under federal control. Out of these, 24 have been shortlisted for privatisation, and a first-phase list comprising 10 entities has been finalized. The Commission stated that privatisation of the first-phase entities is targeted to be completed within one year.

The list includes prominent national institutions such as Pakistan International Airlines (PIA), State Life Insurance Corporation, and Utility Stores Corporation.

Financial institutions like First Women Bank Limited and House Building Finance Corporation are also part of the initial phase. In addition, key power distribution companies, including Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO), have been included.

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Pakistan Mineral Development Corporation (PMDC), however, has not yet been added to the privatization list. The Commission informed the committee that the Petroleum Division has recommended its inclusion, but a final decision will depend on cabinet-level approval.

During the session, Advisor on Privatisation Mohammad Ali emphasized that privatisation decisions are being made with both the current status and future potential of institutions in mind.

He noted that PIA, once a profitable entity, has been running at a loss for years, and efforts are now focused on turning around such organizations through strategic privatization.

The committee was also informed that the privatisation processes of Heavy Electrical Complex and Services International Hotel have already been completed.

The Cabinet Committee on State-Owned Enterprises is currently reviewing 44 SOEs, while the Cabinet Committee on Privatisation has approved privatizing PMDC, as revealed in a briefing.

With this fresh push, the federal government is aiming to reduce the burden of loss-making entities on the national exchequer and create space for private investment and efficiency in key sectors.