ISLAMABAD: The Pakistan government approved a 5-year privatization program on Thursday. This is stated by sources from Islamabad that made their decision known during a federal cabinet meeting which took place in the city. Moreover, it is noted that this will be in three parts.
The first phase consists of privatization of Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company, Islamabad Electric Supply Company and Gujranwala Electric Supply company.
It was also shared by the sources that LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation and Pakistan re-Insurance Company among others would be sold off at a later time.
They add that other institutions may be included into the program after review
Earlier today the Federal Cabinet accorded approval for Privatization of 13 Entities of Power Division including nine Distribution Companies.
while Quetta Electric Supply Company and Tribal Electric Supply Company were excluded from them.
Additionally within the privatization scheme were power generation companies (GENCOs).
