Pakistan 'okays' privatisation of 24 entities

ISLAMABAD: Pakistan government has ‘okayed’ 5-year privatisation program on Thursday, ARY News reported, quoting sources.

As per details, the decision was taken by the federal cabinet in a meeting held here in Islamabad, the sources said and added that the five-year privatisation program will be completed in three phases.

In the first phase, privatisation of Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company, Islamabad Electric Supply Company and Gujranwala Electric Supply company will be privatisaed.

Later, LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation and Pakistan re-Insurance Comapny will be privaitsed, the sources said.

They further say that after review, more instituions will be added to the privatisation program.

Earlier, the federal cabinet greenlighted the privatisation of 13 entities under Pakistan’s Power Division, including nine power distribution companies.

Sources told ARY News that out of the 11 government-owned power distribution companies, nine have been included in the privatisation list. However, Quetta Electric Supply Company and Tribal Electric Supply Company were excluded from the list.

Furthermore, the cabinet also approved the inclusion of power generation companies (GENCOs) in the privatisation list.