Minister for Industries and Production Rana Tanveer Hussain on Tuesday clarified that no proposal is under consideration for the closure or winding up of the Utility Stores Corporation.
He was responding to a call attention notice moved by PPP’s Asifa Bhutto Zardari in the National Assembly.
Ms. Bhutto in her call attention notice stated that closure of Utility Stores Corporation will result in unemployment of 25,000 employees.
The minister said we are only talking about restructuring the organization. He said the rights of employees will be protected and added work in this context is in progress.
Read more: Govt decides to shut down utility stores across country
Earlier, Pakistan government ‘okayed’ 5-year privatisation program. 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, the LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation and Pakistan re-Insurance Company will be privaitsed, the sources said.
