Throughout history, the Islamic Republic of Pakistan has institutionalized corruption, violence, terrorism, and Jihad in the World. From the start, the rogue state of Pakistan was in self-destruction mode. Time and again, Terroristan fell in the same grave that it dug for India. To harm India, the rouge nation followed self-destructive policies and now it is in a state of decay. Already mortgaged itself to its Chinese masters, Pakistan has now resorted to selling itself.
Ordinance to sell assets
Reports suggest that in a desperate move to save itself from bankruptcy, the government of Pakistan has passed an ordinance to sell state assets to foreign countries on an emergency basis.
The Inter-Governmental Commercial Transactions Ordinance 2022 enables the central government of Pakistan to issue binding instructions to regional governments for the sell of assets.
According to the provision of the ordinance 2022, the federal government may issue appropriate directions to a provincial government, local government, agency, or authority concerned to implement the objective of the inter-governmental commercial transaction including land acquisition, rehabilitation, and resettlement, provision of utility services, construction of approach roads to the main highways and such other activities of similar nature.
The ordinance transgressing the judicial powers of courts bars them from hearing the subject matter of asset sales. The ‘Bar of Jurisdiction’ clause of the ordinance states that “No court shall entertain an application, petition or suit against any process or act undertaken or done, intended or purported to be undertaken or done under this ordinance”.
The content of the ordinance shows the frustration and desperation of the Pakistani central government. The ordinance has effectively bypassed every principle of natural justice. As the ordinance prohibits every authority of the state to proceed or inquire about the subject matter of the ordinance, it seems to create an order of the dictator.
Under the clause Indemnity, the ordinance seeks to prohibit the investigating powers of an investigating agency, anti-graft agency, law enforcement agency, or a court for any procedural lapse or irregularity by any person in a commercial transaction or agreement.
The ordinance has effectively passed the Companies Act 2017, Privatization Commission Ordinance 2000, the Public Procurement Regulatory Authority Ordinance 2002, Public-Private Partnership Authority Act 2017, Securities and Exchange Commission of Pakistan Act 1997, and Securities Act 2015.
Imran Ahmed Khan Niazi, the former Prime Minister of Pakistan, criticizing the ordinance said, “How can Imported government brought to power through US conspiracy, led by Crime Minister, who is family along with Zardari have volumes written on their corruption, be trusted with the sale of national assets and that too through bypassing all procedural and legal checks.”
Equating the Prime Minister with thieves, he further said, “These people have been plundering Pak for the last 30 years and are now responsible for the present economic meltdown. These thieves should never be allowed to sell our national assets in the devious manner they are attempting. The nation will never trust them with our national assets.”
These ppl have been plundering Pak for last 30 yrs & are now responsible for the present economic meltdown. These thieves should never be allowed to sell our national assets in the devious manner they are attempting. The nation will never trust them with our national assets.
— Imran Khan (@ImranKhanPTI) July 23, 2022
Also Read: Welcome to Pakistan – The World’s largest dumping yard
Bankruptcy moment for Pakistan
Increasing commodity prices in the international market and looming recession have strangulated the Pakistani economy. Already hit by the Covid pandemic lockdowns, Pakistan’s economy moved towards complete destruction after the Russian attacks on Ukraine.
As the world is moving towards recession, the country’s currency fall has further aggravated the situation. Pakistani rupees falling flat against the US dollar have devalued to about 4100 per cent since May 1972. The value of one US dollar in May 1972 was about 4.76 rupees and now it has reached about 225 per dollar.
Moreover, the cloud of bankruptcy has also brought the situation of desperation. On December 5, 2017, the government of Pakistan issued an Islamic bond worth $1 billion at a yield rate of 5.625 per cent for 5 years. The bonds are going to mature on 5 December 2022 at a whopping 27 per cent. In this scenario, if the country defaults on the bond payment, the investment sentiments will further deteriorate and the Islamic Republic of Pakistan will move in the direction of Sri Lanka.
Read More: Pakistan can declare bankruptcy any moment now
Pakistan available for sale
To save itself from the curse of bankruptcy, Pakistan wants to clear its previous debt by incurring the new debt and selling the national assets. As friendly countries like the United Arab Emirates, China, Saudi Arabia, and the US have refused to infuse cash into Pakistan’s economy due to its inability to return the previous loans, Pakistan now has no other option than to sell its assets.
Although the country does not have anything substantive to sell as the strategic port of Gwadar has already been leased out to China for 50 years, Pakistan will be selling its airports, highways, power plants, oil and gas companies, and other state-owned assets.
It is also important that the available ratings of these companies are decreasing and buying them would enable buyers with other liabilities. So, many countries and companies would be reluctant to buy them. Further, considering the procedural and other deficiencies in the ordinance, the aim would be to sell these assets to its all-weather friend, China. As China has deep-rooted business in Pakistan, the buyout would effectively make the Islamic Republic, a colony of China.
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