KARACHI: Pakistan’s government plans to issue Expressions if Interest (EoIs) for the privatization of state-owned power distribution companies (DISCOs) in January next year, Privatization Adviser Muhammad Ali said on Thursday, as officials expect investors from Türkiye to show interest.
Pakistan has attempted to privatize its loss-making state-owned enterprises to raise funds and reform them as envisaged under a $7 billion International Monetary Fund (IMF) program secured last year. DISCOs, which handle billing, recoveries and grid maintenance, have long suffered from corruption and political interference.
Pakistan has turned to private entities to manage these companies, with Finance Minister Muhammad Aurangzeb saying nearly 90 percent of DISCO boards are now chaired by private-sector professionals to ensure better governance and gradually improve recoveries. Prime Minister Shehbaz Sharif’s government plans to privatize three DISCOs, the Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
“We are publishing the EoIs (Expressions of Interest) for investors in January,” Ali, who also chairs Pakistan’s Privatization Commission, told Arab News. “Right now, we are finalizing their restructuring plan and transaction structure.”
