Islamabad, Aug 15: The decision was reportedly made by the federal cabinet in a meeting held in Islamabad, when it was disclosed that a three-phase, five-year privatization scheme will be implemented.
The first phase will see the privatization of the following companies: Faisalabad Electric Supply Company, Islamabad Electric Supply Company, Gujranwala Electric Supply Company, House Building Finance Corporation (HBFC), and Pakistan International Airlines (PIA). The sources also stated that the following phases will see the privatization of State Life Insurance Corporation, Pakistan Re-Insurance Company, Utility Stores Corporation, MEPCO, PESCO, HESCO, SEPCO, and LESCO.
They noted that following a review, more institutions might be included in the privatization initiative. Nine power distribution firms and other 13 businesses under Pakistan’s Power Division were cleared for privatization earlier by the federal cabinet.
Reliable sources verified that Quetta Electric Supply Company and Tribal Electric Supply Company were left off of the list of nine government-owned power distribution firms that were put up for privatization. The cabinet also gave its approval for power generation firms (GENCOs) to be included to the list of companies slated for privatization.
