Preparations underway for privatization of PIA in August

Islamabad: The Privatization Commission said that the preparations for the privatization of Pakistan International Airlines (PIA) are set to be finalized in August.

 Following the privatization of PIA, administrative control would no longer reside with the government. The transaction process for House Building Finance Company Limited is expected to be completed by the end of July.

As per official documents, six entities would be privatized, transferring them to the private sector for the long term.

KESCO and TESCO would remain under government administrative control.

Implementation of drafts and preliminary steps for the privatization process is targeted for completion by September 2024.

The Privatization Commission has outlined plans for the privatization of 24 institutions under a five-year plan, scheduled to conclude by 2029. PIAC, SEZs, power plants, and nine electricity distribution companies are among those slated for privatization. First Women Bank, Agricultural Development Bank, and Utility Stores Corporation are also included in the plan.

Besides it, the privatization efforts would encompass Lakhra Power Plant, Jamshoro Thermal Power Plant, and Gaddu Thermal Power Station.