Monday, April 15, 2024
HomePakistanPakistan Will Sell LNG Plants To Qatar To Avoid Default

Pakistan Will Sell LNG Plants To Qatar To Avoid Default

According to a private TV channel, the government has decided to sell two LNG-fired plants as the threat of default looms over cash-strapped Pakistan.

The two power plants, which were built concurrently with the first LNG terminal during Nawaz Sharif’s administration, were put on an active list for privatisation in order to raise an estimated $1.5 billion, according to the report.

Following a recent meeting to remove power plants from the privatisation programme, the Sharif-led government’s new cabinet committee approved selling the plants of the National Power Park Management Company Private Limited on a priority basis.

It was also claimed that, in contrast to previous instances in which press statements were typically issued following such meetings, the Privatisation Commission’s Board made no statement in order to keep the situation under wraps.

Last year, the Sharif-led administration approved a directive to bypass all prerequisites for the procedure and eliminate regulatory checks, including the requirement to apply relevant laws.

The change comes at a time when a South Asian country faces default as a result of the IMF program‘s delayed revival (IMF). The country’s official foreign exchange reserves have also plummeted.

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