The federal cabinet has approved a five-year (2024-29) privatization plan, reported 24NewsHD TV channel on Thursday.

Sources told 24News that under the programme, 24 state-owned loss-making entities would be privatized in three phases and if it went as planned, more entities would be privatized.

They disclosed that the privatization of the PIA and House Building Finance Corporation would be done as early as possible.  

Similarly, they informed that the power producing and distribution companies would be privatized too.

In the first phase, sources said, power distribution companies of Faisalabad, Islamabad, Gujranwala would be privatized, while LESCO, MEPCO, PESCO, HESCO and SEPCO would be sold to private parties in the second phase.  

Likewise, they informed that the Utility Stores Corporation, Pakistan Reinsurance Company and the State Life Insurance Corporation were also on the list of the entities to be privatized.  

Sources said that in this connection a comprehensive plan would be presented at a cabinet meeting later.

Reporter: Babar Shehzad