ISLAMABAD: The Pakistani government approved a five-year privatization program. According to sources, the federal cabinet made this decision during a meeting in Islamabad. The privatization process will unfold in three phases over five years.
In the initial phase, the privatization will target Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electricity Supply Company, Islamabad Electric Supply Company, and Gujranwala Electric Supply Company.
Subsequent phases will see the privatization of LESCO, MEPCO, PESCO, HESCO, SEPCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan re-insurance Company. Additional institutions may be included in the program following a review.
Earlier, the federal cabinet also approved the privatization of 13 entities under Pakistan’s Power Division, which includes nine of the 11 government-owned power distribution companies, with Quetta Electric Supply Company and Tribal Electric Company being excluded.
The inclusion of power generation companies (GENCOs) in the privatization list was also approved.
