As economical conditions get worsened day by day the Country’s default risk also increased, keeping this in view the Government decided to sell two LNG-fired plants to Qatar.
According to reports Two Liquified Natural Gas (LNG) power plants were placed on the government’s active privatization list to raise $1.5 billion. The report claimed that the two power plants were taken up during Nawaz Sharif’s tenure. This was done to sell these assets to Qatar to avoid default.
This development came two days after the government established a new cabinet committee to sell state assets quickly. This committee will be able to sell the 2460 megawatt (MW) LNG-fired power stations to a foreign buyer.
According to sources, a meeting was called by the Privatisation Commission Board (PCB), on Thursday to take down the plants from the privatization program. Abid Hussain, the Minister for Privatisation and the Chairman of the board, was absent from the city and only attended the meeting virtually.
Privatisation Commission Board issued no statement apparently in order to keep the matter a secret. According to sources, the board recommended that power plants be removed from the privatization list and sent to the Cabinet Committee on Privatization.
These were the two most valuable assets on the privatization list. Following this development, the existence of a Privatisation Minister or a Privatisation Commission is now in doubt.
Sources claimed that the board was informed by the PM’s office that they wanted the plants to be removed from the list under the Intergovernmental Commercial Transaction Act of 2020.
Remember here one thing The development to sell powerplants came as Pakistan is facing a threat of default in wake of the delay of the revival of the International Monetary Fund program (IMF). It is to intimate that The country’s official foreign exchange reserves have also fallen as government pays the loan of forgein Banks.