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Government halts all sales of assets

1 month ago

The sale of almost 2 dozen state-owned properties has been halted by the Federal Government and other privatization transactions will be completed after the economy of Pakistan recovers from the impact of coronavirus pandemic. This decision might give a major setback to the multibillion-dollar privatization program, this program is to meet the financial targets agreed with the International Monetary Fund (IMF). Privatization Ministry issued a note telling that the final auction for the sale of 28 properties was delayed due to the restrictions set on the gatherings by government and unavailability of auction houses. The sale of these 28 properties was to decrease the public debt but in the current circumstances, a significant amount of money would not be acquired by the sale. Two of the LNG-powered plants were to be sold by the end of June to raise an amount of Rs. 300 billion in non-tax revenue. This sale was extremely critical for the government but now it is expected to be delayed due to the coronavirus outbreak till next year. It is requested by the Privatization Ministry that all due process be completed by the relevant partner organizations despite the problems. The privatization program was moving ahead as expected by quickly shifting to video conference due to the situation of lockdowns and the lack of connectivity, the privatization ministry said. They also told that efforts are made in the completion of all the pre-bidding formalities in time.

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