Pakistan Government to Privatize Utility Stores Corporation Amid Restructuring Plans
He was responding to a call attention notice moved by PPP’s Asifa Bhutto Zardari in the National Assembly.
Ms. Bhutto in her call attention notice stated that the closure of Utility Stores Corporation will result in the unemployment of 25,000 employees.
The minister said we are only talking about restructuring the organization. He said the rights of employees will be protected and added work in this context is in progress.
Govt decides to shut down utility stores across the country
Earlier, the Pakistan government ‘okayed’ a 5-year privatization program. The decision was taken by the federal cabinet in a meeting held here in Islamabad, the sources said and added that the five-year privatization program will be completed in three phases.
In the first phase, privatization of Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company, Islamabad Electric Supply Company, and Gujranwala Electric Supply Company will be privatized.
Later, the LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan re-insurance Company will be privatized, the sources said.
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