PIA among 24 SOEs set for privatisation under five-year plan

• Govt unveils five-year, three-phase privatisation roadmap.
• First phase to privatise 10 state-owned enterprises.
• Cabinet approves inclusion of 24 SOEs in programme.

ISLAMABAD: Minister for Privatisation Abdul Aleem Khan on Thursday laid out in the National Assembly a five-year plan (2024-29) to privatise 24 state-owned enterprises (SOEs) in three phases, The News reported. 

The plan, presented during Question-Hour in a written reply to MNA Ramesh Lal, included a full list of entities slated for sale.

Under the first phase, 10 major public entities — Pakistan International Airlines (PIA), Roosevelt Hotel, Zarai Taraqiati Bank Ltd (ZTBL), Islamabad Electric Supply Company (Iesco), Faisalabad Electric Supply Corporation Limited (Fesco), Gujranwala Electric Supply Corporation Limited (Gepco), Pakistan Engineering Company (Peco), Sindh Engineering Limited and First Women Bank Limited (FWBL) — will be privatised.

Under the second phase, spanning one to three years, 13 additional entities — State Life Insurance Corporation, Utility Stores Corporation, four generation companies (Gencos) including Jamshoro Power Company Ltd (JPCL)-Genco-1, Central Power Generation Company Ltd (CPGCL)-Genco-II, Northern Power Generation Company Ltd (NPGCL)-Genco-III, Lakhra Power Generation Company Ltd (LPGCL)-Genco IV, and six more Discos, including Lahore Electric Supply Company (Lesco), Multan Electric Power Company Ltd (Mepco), Hazara Electric Supply Corporation (Hazco), Hyderabad Electric Supply Corporation (Hesco), Peshawar Electric Supply Corporation (Pesco), and Sukkur Electric Supply Corporation (Secpco) — will be privatised. 

The final phase, spanning three to five years, includes the privatisation of Postal Life Insurance Company.

The written reply stated that the Cabinet Committee on Privatisation (CCoP) in its meeting held on August 2, 2024, had approved the inclusion of 24 commercial State owned Enterprises (SoEs) in the Privatisation Programme 2024-29 and it was also ratified by the federal cabinet on August 13, 2024.

In a written reply to a question, Commerce Minister Jam Kamal Khan presented the details of US interest in investing in mines and minerals, including copper. 

While, the US administration has imposed 50% tariffs on import of copper, iron, steel and aluminum, refined copper has been exempted from the 50% tariff. So, in the current scenario, it will be more advantageous to export value-added copper (refined) to the US market. 

In another written reply, Federal Minister for Commerce Jam Kamal Khan disclosed that the State Life Insurance Corporation had stopped providing health insurance services in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB), due to the discontinuation of the federal funding for the two regions. 

Speaking in the House during the Question-Hour, Minister of State for Finance Bilal Azhar Kayani told the National Assembly that the government will further cut the energy tariffs, which will lower the input costs for exporters. 

To a question about inflation, Azhar said the government had adopted a multi-dimensional strategy to curb inflation. A written reply mentioned the recent inflation for July FY2026 stood at 4.1% compared to 11.1% same month last year.

Meanwhile, the House witnessed a heated session when Speaker Ayaz Sadiq expressed strong displeasure over the persistent non-responsiveness of the Ministry of Finance and Ministry of Planning and Development to parliamentary queries. 

The issue came up when ‘Reply Not Received’ was submitted to a question asked by MNA Syed Rafiullah and another by Ali Muhammad Khan. Speaker Ayaz immediately summoned the secretary finance, stating that if necessary, he would also summon the State Bank governor. 

“Parliament is being treated with utter disregard — this is unacceptable,” remarked the speaker in a stern ruling. In a sign of protest, the speaker ordered the joint secretary finance to leave the officers lobby and declared that continued bureaucratic non-cooperation would no longer be tolerated. He also directed the chairman of the finance committee to ensure the appearance of both the finance secretary and State Bank governor. 

Ayaz also lashed out at the Ministry of Planning over delayed answers to parliamentary questions. Minister of State Armaghan Subhani explained that the response from the provinces was pending, prompting the speaker to summon secretary planning. “Does it take an entire year to answer one question?” he asked, rejecting the state minister’s request for another week.

Law Minister Azam Nazeer Tarar offered an unconditional apology on behalf of the absent federal secretaries.