Islamaba: The federal government has announced a three-phase plan to privatize 24 state-owned enterprises (SOEs), starting with 10 major institutions — including Pakistan International Airlines (PIA), the Roosevelt Hotel within the next 12 months.
According to a written response submitted in the National Assembly, the privatisation plan will be executed under three phases. follows:
Under the Phase one within 1 year time,10 institutions, including, PIA,
Roosevelt Hotel (USA), Agricultural Development Bank, Three DISCOs, including Islamabad Electric Supply Company (IESCO)will be privatized.
Under the Phase 2 which will be executed between 1 to 3 years, 13 institutions, including State Life Insurance Corporation,
Utility Stores Corporation,Four Gencos (Generation Companies).Six more DISCOs, including Lahore Electric Supply Company (LESCO) will be privatized.
In Phase 3 which will be completed within 3 to 5 years, Postal Life Insurance Company will be privatized.
The Privatization Commission will oversee the entire process in coordination with relevant ministries and regulatory bodies.
During the session, National Assembly Speaker Sardar Ayaz Sadiq expressed strong disapproval over the non-responsiveness of the Ministry of Planning and the Ministry of Finance, whose representatives failed to adequately answer members’ queries.
“This Parliament is not to be taken lightly,” said the Speaker. “If needed, I will summon the Governor of the State Bank as well. This disregard for the House is unacceptable.”
The Speaker rejected the Minister of State’s request for more time, insisting on immediate accountability and calling the secretaries of Finance and Planning to appear before the House.
