Islamabad: Finance Minister Miftah Ismail on Wednesday (July 27) announced that the federal government has amended laws to allow the sale of shares in state-owned enterprises (SOEs) to friendly countries, news sources reported. The shares will be sold to bridge the fiscal deficit of USD 4 billion expected in the current fiscal year 2022-23 (FY23).
Reportedly, the government passed the Inter-Government Commercial Transaction Act-2022 in the latter half of the same day to allow government-to-government (G2G) transactions. Under the amended law, the assets will be sold to friendly countries with a buy-back option.
Addressing a conference in Islamabad, Miftah said that the government is also actively seeking privatization of SOEs to save valuable revenue used on maintaining such huge enterprises. On the occasion, he stated that all budgetary targets had been reached ahead of an agreement with the International Monetary Fund (IMF) to release a much-needed loan package. He indicated that the government believes the loan will be available by the end of August.
It is important to note that the government has allowed pre-qualified firms interested in buying Pakistan Steel Mills (PSM) and other state-owned enterprises (SOEs) to start on-site visits to the entities. The firms will then place their bids for the purchase of shares in these enterprises.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
