Islamabad: The Privatization Commission (PC) has asked the Capital Development Authority (CDA) for fresh information regarding the status of the privatization of the Jinnah Convention Center (JCC) in Islamabad, news sources reported on May 20.
The PC has asked CDA to change the status of the land from “amenity” to “commercial” as decided by the federal cabinet. Reportedly, PC has also directed CDA to inform the commission about the change of allotment letter of the JCC if required, according to the rules and regulations of the CDA. Moreover, the authorities are directed to submit a cost estimation report based on seven different scenarios developed by PC’s financial advisors premised on the JCC property’s layout plan (LOP) and any suggested changes to the approved transaction structure.
In related developments, the Senate Standing Committee on Privatization has called on CDA to testify about the events and its concerns related to JCC privatization. Senator Shamim Afridi, the committee’s chairman, has stated that the matter would be thoroughly addressed in order to determine the fate of the 7.59-acre tract of property in Islamabad.
The committee will also discuss whether the land should be privatised or retained, as well as its rehabilitation and maintenance under state control. It is important to mention here that the CDA has already said in November that it has no objection to the privatisation of the JCC. The government had decided to privatise a number of State-Owned Enterprises (SOEs) as per its privatisation policy to reduce budget deficits.
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.
