Pakistan is in a Stae of emergency and it has to save Pakistan from getting Default so in this case, the federal cabinet has approved an ordinance to bypass all the procedures for the process and also abolished regulatory checks including the applicability of six relevant laws.
The ordinance will provide for a mechanism to carry out a commercial transaction under an inter-governmental framework agreement to promote, attract and encourage foreign states to have economic and business relations with Pakistan
Pakistan’s rupee shed 8.3% of its value this week — the steepest since November 1998, indicating the gravity of the challenges that the government is facing. The federal cabinet had approved the ordinance on Thursday to sell stakes of oil and gas companies and government-owned power plants to the UAE to raise $2 billion to $2.5 billion.
Previously, UAE had canceled giving loans to Pakistan as they didn’t return their previous debt, Furthermore, they asked Pakistan to establish their own Companies for investment.
President Arif Alvi has not signed the ordinance yet.
