Govt confirms privatization of utility stores corporation

ISLAMABAD: Despite earlier denials and claims of restructuring, the federal government has announced its decision to sell the Utility Stores Corporation (USC), which provides food and essential commodities to the poor at subsidized rates.

The privatization of the utility stores was confirmed by Federal Minister for Privatization Abdul Aleem Khan in a written reply during Question Hour. USC has now been included in the list of entities ready for privatization.

According to the Ministry of Privatization, the government is targeting to privatize a total of 24 entities in the current and next four fiscal years. The ministry said that priority is being given to the privatization of loss-making entities.

The list of entities earmarked for privatization includes major organizations such as Pakistan International Airlines (PIA) and various electric supply companies. Additionally, First Women Bank, House Building Finance Corporation (HBFC), and Agriculture Development Bank Limited (ZTBL) are also on the privatization list.

Other entities included include Pakistan Engineering Company (PECO), Sindh Engineering Limited, and twelve power generation and distribution companies from the energy sector. Overseas assets such as the Roosevelt Hotel in the US are also part of the privatization plan.

In addition, state-owned insurance companies, State Life Insurance Corporation and Pakistan Reinsurance Company Limited, are on the privatization list along with Utility Stores Corporation.

The government had earlier said that it would restructure Utility Stores Corporation rather than privatize it.