Pakistan's cabinet has issued an ordinance for the sale of state assets to avoid default. Pakistani media Dawn has given this information in a report.
It is reported that the Cabinet of Pakistan on Thursday issued an ordinance called Inter-Governmental Commercial Transactions Ordinance 2022. The ordinance would allow Prime Minister Shahbaz Sharif's government to sell state assets to foreign companies and governments.
Besides, the Inter-Governmental Commercial Transactions Ordinance 2022 also empowers the provincial governments to issue binding orders for land acquisition.
However, the President of Pakistan Arif Alvi has not yet signed this order.
In the Ordinance, the Government of Pakistan barred the courts from entertaining any plea against the sale of assets and shares of public companies of other states. The federal cabinet approved the ordinance on Thursday.
In May this year, the UAE refused to provide cash deposits due to Islamabad's inability to repay earlier loans.
Finance Minister Miftah Ismail said this week that it usually takes 471 days to complete a private transaction. The government had to make deals with foreign countries within days to raise funds urgently.
Meanwhile, as the Pakistan government prepares for the asset sale, former Prime Minister Imran Khan took to micro-blogging site Twitter to condemn the 'imported' US government, saying how an imported government could be brought to power by a US conspiracy, led by a crime minister with The Zardari family has written their corruption papers, can be trusted by selling national assets and that too bypassing all procedural and legal avenues.
