The government of Pakistan has chosen to sell two LNG-fired power facilities as the threat of default looms over the country.
According to the article, the two power plants, which were built concurrently with the first LNG terminal during Nawaz Sharif’s government, were put on an active list for privatization in order to collect an estimated $1.5 billion.
After a recent meeting to remove power plants from the privatization program, a new cabinet committee of the Sharif-led government approved selling the plants owned by the National Power Park Management Company Private Limited on a priority basis.
Additionally, it was alleged that in contrast to other occasions when press statements were typically released following such meetings, the Board of the Privatisation Commission did not publish one in order to keep the situation under wraps.
Last year, the Sharif-led government approved an order to sidestep all the prerequisites for the process and also abolished regulatory checks including the applicability of relevant laws.
The change occurs at a time when a South Asian nation is faced with default as a result of the IMF program’s delayed reactivation. Official foreign exchange reserves for the nation have also fallen.
