Published 15:35 IST, December 5th 2019
Imran Khan govt to sell unused state properties, as Pakistan's economy remains in shambles
Pak has decided to sell unutilised state properties to attract investors, as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis
Pakistan government has decided to sell its unutilised state properties to attract foreign and Pakistani investors, according to media reports on Thursday, as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis and bolster its public finances. Prime Minister Imran Khan said that the precious government properties will be sold for better utilisation of funds on public welfare projects. The properties would be sold at the Dubai Expo and the funds generated through the exercise will be spent on public welfare schemes related to education, health, food and housing, Dawn newspaper reported.
"These unutilised state properties will be marketed at the Dubai Expo to attract foreign and Pakistani investors to buy these assets," Privatisation Secretary Rizwan Malik informed the prime minister. "Unfortunately, criminal negligence was done by the previous governments as they did not utilising these valuable properties. Despite billions of rupees' assets, various federal government institutions are bearing losses of billions of rupees every year, Khan said.
Imran Khan also warned that stern action would be initiated against officers found to be creating hurdles in the identification of non-utilised government-owned properties, The News International reported. The International Monetary Fund in July approved a three-year USD 6 billion loan for Pakistan with tough conditions to address its balance of payment crisis and help the country's ailing economy return to "sustainable growth". Pakistan approached the International Monetary Fund (IMF) in August 2018 for a bailout package after the Imran Khan government took over.
Pakistan has also received billions in financial aid packages from friendly countries like China, Saudi Arabia and the UAE. Pakistan on June 23 received Emir of Qatar in Islamabad during his two-day visit to Pakistan. However, this was not the first time that the Prime Minister of Pakistan has gone out of his way to chauffeur Arab monarch, as a similar incident was recorded back in February when Saudi Crown Prince Mohammed bin Salman was on a bilateral visit to Pakistan, wherein he chauffeured the Saudi Crown Prince to his official residence on arrival.
Pakistan politician's economic claim
In a ridiculous attempt to elucidate the country's economy, a Pakistani politician from Prime Minister Imran Khan's party, Pakistan Tehreek-e-Insaf (PTI), claimed that the US dollar hike was in fact, beneficial for Pakistan. Shaukat Ali Yousafzai defended Pakistan's withering economy in a bizarre explanation on a local news channel. He claimed that people with limited knowledge fail to acknowledge the benefits of the US dollar hike, referring to the concerns of a waning economy.
"We have an edge over the rising dollar rate (in Pakistan) because its cost has increased by Pak Rs 3 billion and we can save up to Pak Rs 3.75 billion since Pakistan has to pay back in rupees, not in dollar, therefore, we do not have to spend anything from our pockets," Shaukat Ali Yousafzai told the news channel.
Updated 15:49 IST, December 5th 2019