Islamabad: The Government of Pakistan has decided to sell 770 acres of valuable land owned by the state to pay off foreign debts, reported a news source. Federal Minister for Privatisation Muhammad Mian Soomro approved the proposed measures to determine market rate of property owned by various ministries.
The government will sell land owned by Ministry of Information and Broadcasting, Water Resource Division, Commerce Division, Ministry of Housing and Works, Pakistan Sports Board and Civil Aviation Authority in the first phase.
Speaking to media, Privatisation Ministry Secretary Rizwan Malik said that the company delegated the task to determine rate of commercial and agriculture property will settle the market rate to help fetch better revenue. So far, the government has identified 77 such properties for which proper documentation is available.
In addition to selling state land, the Privatisation Board will also sell 18.39% of the Government’s shares in Mari Petroleum Company. The Federal Minister for Finance Asad Umar is keen on selling these shares before the upcoming budget in June. The minister is of the view that selling these shares after announcing the budget will have a negative impact on the budget deficit.
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