Privatization Commission Decides to Sell 10 Govt-Owned Entities in A Year

The Privatization Commission has decided to offload 10 state-owned enterprises (SOEs) within a year, with Pakistan International Airlines (PIA) and House Building Finance Company Limited (HBFCL) to be privatized within the first quarter of the current fiscal year 2024-25. The 10 entities to be privatized within 12 months are PIA, HBFCL, Roosevelt Hotel (RHC), First Women Bank Limited (FWBL), Zarai Taraqiati Bank Limited (ZTBL), Pakistan Engineering Company Limited (PECO), Sindh Engineering Limited (SEL), Islamabad Electric Supply Company Limited (IESCO), Faisalabad Electric Supply Company Limited (FESCO), and Gujranwala Electric Power Company (GEPCO). The Cabinet Committee on Privatization on May 10 initially approved 24 entities for privatization. Another 41 entities have been referred to the Cabinet Committee on State-Owned Enterprises for categorization under the SOE Act Policy. Entities not classified as Strategic Essential SOEs will also be included in the privatization program. The government is finalizing a phased five-year Privatisation Programme (2024-2029) to reduce its presence in the commercial sector. Priority will be given to privatizing loss-making commercial SOEs, alongside identifying profitable ones to decrease federal involvement in the economy.