The government of Pakistan has decided to sell assets, owned by the state, to foreign countries to prevent the country from defaulting on loans.
According to Pakistan-based news agencies, the federal cabinet of Pakistan, led by Prime Minister Shehbaz Sharif, recently approved an ordinance to bypass all the procedures for the process.
The cabinet also abolished regulatory checks including the applicability of six relevant laws of the country.
Through the Inter-Governmental Commercial Transactions Ordinance 2022, the central government of Pakistan also empowered itself to issue binding instructions to the provincial governments for land acquisition, according to a copy of the ordinance, said The Express Tribune in a report.
“The government has also barred the courts of the country not to entertain any petition against the sale of assets and shares of the government companies to foreign countries, as per the ordinance,” the report said.
However, Pakistan’s President Arif Alvi has not signed the ordinance yet.
