Pakistan has approved the privatization of 24 organizations.

According to reports, the federal cabinet made the decision during a meeting in Islamabad. They added that the five-year privatization scheme will be carried out in three stages.

The initial stage will involve the privatization of Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company, Islamabad Electric Supply Company, and Gujranwala Electric Supply Company.

According to sources, LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan Re-Insurance Company would be privatized in the future.

They additionally state that following the evaluation, additional institutions will be included in the privatization initiative.

Prior to this, the federal cabinet approved the privatization of 13 organizations within Pakistan’s Power Division, which includes nine power distribution corporations.

According to sources, nine out of the 11 government-owned electricity distribution businesses have been included in the list for privatization. Nevertheless, the Quetta Electric Supply Company and Tribal Electric Supply Company were not included in the list.

In addition, the cabinet also granted approval for the inclusion of power production firms (GENCOs) in the list of entities to be privatized.