ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has directed authorities to expedite the privatization process of power distribution companies (DISCOs), ARY News reported on Tuesday, quoting sources.
As per details shared by sources, the premier has directed authorities to complete the process either through full privatization or by transferring management of the DISCOs to the provinces.
The directive comes in light of International Monetary Fund (IMF) conditions, which require Pakistan to complete pre-privatization measures by January 31, 2025, as part of structural reforms for the upcoming fiscal year.
Sources within the Power Division confirm that the IMF has demanded faster implementation of the privatization agenda.
In the first phase, the privatization of Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO) will be prioritized, as these companies have relatively lower losses compared to other DISCOs.
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The second phase will involve consultations on long-term concession agreements for other distribution companies.
The companies included in this phase are Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Hyderabad Electric Supply Company (HESCO).
Meanwhile, Peshawar Electric Supply Company (PESCO), Sukkur Electric Power Company (SEPCO), and HESCO are also being considered for privatization under long-term contractual frameworks, sources added.
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