To save Pakistan from bankruptcy, the country’s government has brought an emergency law to sell government assets. Pakistan is currently facing a major economic crisis. Also the cash deficit has increased. Pakistan has decided to sell its national assets to deal with the crisis. An ordinance for this has been approved. While Pakistan is in severe economic crisis, inflation in the country has taken a toll on people’s lives. External debt has reached a peak.
To deal with such a situation, the government of Shahbaz Sharif has decided to sell only the national assets of the country. The government has decided to pay off foreign debt by selling national assets. The Union Cabinet has also approved an emergency law for this purpose.
Pakistan is on the brink of bankruptcy
This decision of the government is being talked about a lot in Pakistani media. According to Pakistani media, the government has decided to sell government assets abroad to pay off the debt. It is said in the media that the government is doing this to avoid bankruptcy.
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The news related to this has been published in the famous Pakistani newspaper The Express Tribune. Reports suggest that the Union Cabinet has approved the Inter-Government Trade Exchange Ordinance-2022. According to the news, the Government of Pakistan has completed all preparations for the sale of national assets. Actions have been taken against this decision of the government so that a case is not filed in court.
It is reported that the property is being sold to pay off debt to the United Arab Emirates. It may be recalled that the UAE has refused to extend further loans to Pakistan. UAE says Pakistan won’t get more money until old debt is repaid
The government of Pakistan is reportedly going to sell oil and gas companies for $2 to $2.5 billion to pay off the UAE’s debt. Pakistan hopes to avoid bankruptcy by repaying old debt.
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