Senate Panel Proposes Utility Store Closures as Part of 5-Year Privatization Plan
Saif Anjum briefed the Senate Standing Committee on the decision and presented proposals to the panel to shut down utility stores. The proposals, prepared by the rightsizing Committee, include shutting down utility stores and other entities to reduce expenses.
According to sources, the federal government lacks funds to operate the stores, leading to the decision to close them down.
The committee was informed that the government is facing financial difficulties and must take measures to reduce expenses.
The cabinet secretary will approve the closure plan, which will then be presented to the cabinet for final approval.
Once approved, a timeline will be established for closing the utility stores across the country.
The rightsizing committee has also proposed the closure of other entities, which the cabinet will approve, he told the Senate panel.
The decision to close the utility store is part of the government’s efforts to reduce expenses and address financial limitations.
Earlier, the Pakistan government has ‘okayed’ the 5-year privatization program. The federal cabinet decided 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, 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 will be privatized.
Later, 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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