Federal government , held in Cabinet Block , in a meeting permitted the open auction biding of 27 idle assets owned by the government.
This permission bothered some invertors in overseas Pakistanis who are interested in some profitable business under the table.
The transactional structure as well as how the process completed was also discussed in the meeting by the Board of privatization Commission.
Cabinet Committee ,Chaired by Mr. Abudl Hafeez Shaikh Prime Minister Advisor of Finance and Revenue, approved that auction’s process initiated in March and expected completion will take only two months, the whole purpose of this process is to utilize useless and unproductive public properties to paying off the country debt and to earn revenue for the national fund.
Federal Government identified 32 lands owned by the state initially in major cities of Pakistan,however, out of these, five of the properties had been deleted from the auction list.Three properties from these five properties will be used to Naya Pakistan Housing programme , 2 in Karachi and 1 in Lahore worth above 5 billion. Rest 27 will be auctioned and the revenues generated by them will be utilized in the construction of school and hospitals, and providing better amenities to the people.
- Auction will be held in March
- It will takes two months to complete the process
- This is great opportunity for overseas Pakistanies.
- Auction will held in Dubai
- This the very first time in the history that Pakistan took a part in Pakistan Property Show (2019).