July 23, 2022
1 min read

Desperate Pakistan plans selling assets to prevent default

Pakistan President Arif Alvi has not signed the ordinance yet, reports Asian Lite News

In a desperate attempt to save the country from default through emergency sale of state’s assets to foreign countries, the Pakistan federal cabinet has approved an ordinance to bypass all the procedures for the process and also abolished regulatory checks including the applicability of six relevant laws, media reports said.

Through the Inter-Governmental Commercial Transactions Ordinance 2022, the Centre has also empowered itself to issue binding instructions to the provincial governments for land acquisition, according to a copy of the ordinance, Express Tribune reported.

Pakistan President Arif Alvi has not signed the ordinance yet.

The Pakistan government has also barred the courts of the country from entertaining any petition against the sale of assets and shares of the government companies to foreign countries, as per the ordinance, Express Tribune reported.

The federal cabinet had approved the ordinance on Thursday to sell stakes of oil and gas companies and government-owned power plants to the UAE to raise $2 billion to $2.5 billion to avoid the looming default.

The UAE had in May refused to give cash deposits due to Islamabad’s inability to return previous loans and instead asked to open its companies for investment.

Miftah Ismail

Finance Minister Miftah Ismail had said this week that it usually took 471 days to complete one privatisation transaction. He had added that the government had to conclude deals with foreign countries in days to urgently raise funds.

The International Monetary Fund (IMF) has placed a condition that Pakistan’s case could not be taken to the board until it arranged $4 billion from friendly countries to bridge the financing gap.

The federal Law Minister had not provided the reason for the purpose of this article.

Previous Story

Truss vows to scrap all EU laws by next year

Next Story

Monkeypox declared global health emergency

Latest from -Top News

India opens world’s highest rail bridge

Prime Minister Narendra Modi inaugurated the world’s highest railway bridge over the Chenab River in Jammu and Kashmir and flagged off the much-awaited Vande Bharat Express to Srinagar, marking a historic moment

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural communities The United Arab Emirates and Egypt reaffirmed their strong

‘UAE leads global fight against plastic waste’

UAE accelerates its fight against plastic pollution with a bold single-use plastic ban and expanded environmental policies to safeguard natural ecosystems for future generations The United Arab Emirates continues to lead the

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and vulnerable groups As the humanitarian crisis in Gaza intensifies, the

Prayers on the Mount

The Day of Arafat, considered the pinnacle of the Hajj pilgrimage, witnessed a congregation of believers from around the world As the sun blazed overhead and temperatures climbed to a sweltering 41°C,
Go toTop

Don't Miss

India slams Pakistan for its human rights situation 

“The plight of minorities in Pakistan is evident from their

Negotiations underway in Pakistan for caretaker PM

The eagerly anticipated meeting was set to begin on Wednesday