Federal Cabinet Approves 5-Year Privatization Plan

The federal cabinet has approved a five-year privatization plan set to run till 2029, sources told ProPakistani. The program will initially involve the privatization of 24 state-owned enterprises, while more entities will be included after further review. The privatization plan will be implemented in three phases, with the first phase focusing on selling Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (IESCO), and Gujranwala Electric Power Company (GEPCO). The second phase will include Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Peshawar Electric Supply Company (PESCO), and others. Key institutions such as Pakistan International Airlines (PIA) and the House Building Finance Corporation (HBFC) will be sold as well. Sources said other entities like DISCOs, GENCOs, Utility Stores Corporation, and State Life Insurance Corporation are also on the list. The Pakistan Reinsurance Company Limited will also be included in the privatization efforts. A detailed plan for the privatization of all concerned institutions will be presented to the federal cabinet for final approval, sources added.