ISLAMABAD, AUG 15 (DNA): The federal cabinet has approved a five-year privatisation programme, which will be executed in three phases. The decision was made during a cabinet meeting held on Thursday in Islamabad.
As per sources, In the first phase, key entities slated for privatisation include Pakistan International Airlines (PIA), the House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (IESCO), and Gujranwala Electric Power Company (GEPCO).
Subsequent phases will see the privatisation of Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Peshawar Electric Supply Company (PESCO), Hyderabad Electric Supply Company (HESCO), Sukkur Electric Power Company (SEPCO), Utility Stores Corporation, State Life Insurance Corporation, and Pakistan Re-Insurance Company.
Sources further disclosed that after a review, more institutions could be added to the privatisation list.
Earlier, the cabinet had given the go-ahead for the privatisation of 13 entities under Pakistan’s Power Division, including nine power distribution companies. Notably, the Quetta Electric Supply Company (QESCO) and Tribal Electric Supply Company (TESCO) were excluded from the list.
In addition to the distribution companies, power generation companies (GENCOs) were also approved for privatisation as part of the programme.
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