The Senate Standing Committee was informed about the decision by Saif Anjum, who also provided suggestions to the panel on the closure of utility stores. The rightsizing Committee has proposed, among other things, closing utility stores and other businesses in order to cut costs.
The federal government decided to close the outlets because, according to reports, it did not have the necessary cash to keep them running.
The government’s financial woes and the need to curtail spending were brought to the committee’s attention.
The closure plan will go to the cabinet secretary for review before being brought to the full cabinet for approval.
A schedule for closing all of the utility stores nationwide will be determined after approval.
He informed the Senate panel that other entities’ closure has been suggested by the rightsizing committee and would be accepted by the government.
Part of the government’s efforts to cut costs and handle budgetary constraints is the decision to close the utilities store.
Previously, the government of Pakistan “okayed” a five-year privatization plan. The five-year privatization initiative will be finished in three phases, the sources said, adding that the decision was made by the federal cabinet during a meeting that was held today in Islamabad.
First, the following companies would be privatized: Gujranwala Electric Supply Company, Faisalabad Electric Supply Company, Islamabad Electric Supply Company, House Building Finance Corporation (HBFC), and Pakistan International Airlines (PIA).
Eventually, the sources added, private companies will include LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan Re-Insurance Company.
