The federal cabinet has approved a five-year privatization program scheduled to run from 2024 to 2029, sources told Raised by Numbers.

Initially, the program will focus on privatizing 24 state-owned institutions, with the possibility of adding more entities after further evaluation.

The privatization process will be conducted in three phases.

The first phase will target the privatization of the Faisalabad, Islamabad, and Gujranwala electric power companies.

The second phase will include the Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), Peshawar Electric Supply Company (PESCO), among others.

Key institutions such as Pakistan International Airlines (PIA) and the House Building Finance Corporation are also slated for privatization.

Additionally, government-owned power distribution and generation companies, the Utility Stores Corporation, and the State Life Insurance Corporation are on the list. The Pakistan Reinsurance Company will also be part of the privatization efforts.

A comprehensive plan detailing the privatization of these institutions will be presented to the federal cabinet for final approval.