Pakistan PM Shahbaz Sharif
Highlights
- Pakistan’s Finance Minister addresses a seminar on Corporate Governance of PSUs
- Government is making changes in the law to sell shares of listed companies to friendly countries
Pakistan News: The financial condition of Pakistan is very bad. Pauper Pakistan is now looking to the world to run its economy. The condition has become such that now he is forced to sell his government properties also to others. Addressing a seminar on Corporate Governance of PSUs, the Finance Minister of Pakistan announced that the IMF has asked to fill the finance gap of $ 4 billion for this fiscal year. To do this, the government is modifying the law to allow the sale of shares of listed companies to friendly countries. These shares will be sold on the condition that Pakistan can buy them back later.
Significantly, due to the economic crisis in Pakistan, its foreign exchange is on the verge of being exhausted. In the condition of pauper, Pakistan has a target of getting $ 4 billion to get money from the IMF. To bridge this gap, Pakistan has now made preparations to sell shares of government companies to other countries.
Significantly, the poor Pakistan is facing the danger of bankruptcy. Sensing this danger, the Federal Cabinet of Pakistan recently approved the bill in which government assets can now be sold to other countries. In this bill, a provision has been made to sell government properties in other countries by going beyond all the prescribed procedure and other necessary rules. According to the news, the government has taken this decision to avoid the danger of bankruptcy of the country. It has been provided in this bill that even if a petition is filed against the sale of a share of the government’s property to other countries, the court will not be able to hear it.
Petroleum and electricity companies will sell
The decision has been taken to sell stake in oil and gas companies and the state-owned power company to the United Arab Emirates for $2-2.5 billion to avoid the risk of bankruptcy. According to the news, the United Arab Emirates had refused to deposit cash in Pakistan’s banks in the month of May. Because he has not been able to repay the earlier loan.
Pak economist has already warned
Atif Mian, the top economist of Pakistani origin, gave a big warning about the situation in the country recently. He said that the situation is going to worsen after the fall in the value of Pakistani Rupee. He told in a recent tweet that the Pakistani rupee has fallen by 20 percent against the dollar.
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