Punjab Chief Minister Maryam Nawaz on Monday announced establishment of Assets Management Authority to ensure transparency in the revenue and resources of the province, reported 24NewsHD TV channel.
Maryam Nawaz made the announcement while presiding over a special meeting of the Assets Management Authority in Lahore.
Addressing the participants, she said that all of Punjab's scattered resources and lands will now be managed under one roof, and revenue generation will become more effective.
Punjab Asset Management Authority will be responsible for identification, management, transfer, payments, and marketing of assets.
All matters, from taking control of government land to its lease or sale, will now be entrusted to a single institution.
A special board will be constituted, which will be headed by the Chief Secretary of Punjab. A managing director of BS-20 will also be appointed to look after the administration of the Authority.
A separate Human Resource Department will be established, which will be equipped with the latest technology.
The selection of sites, preparation of development plans, and master plans for the transfer of provincial assets will be entrusted to the authority.
The authority itself will be responsible for marketing, advertising, designing, and approving the transaction structure of the transferred assets.
Government assets with potential for investment and privatization will be identified on a priority basis.
Methods such as leasing, rentals, Public-Private Partnerships (PPPs), and joint ventures (JVs) will be utilized for asset-based investment.
The Asset Management Authority will handle the preparation of project feasibility reports, contract management, implementation, and monitoring and evaluation.
Directives have been issued to generate better revenue through the sale, leasing, and collateral financing of provincial assets.
Chief Minister Maryam Nawaz Sharif highly appreciated the brilliant idea of establishing the Punjab Asset Management Authority
Governance and approval structure of Punjab Asset Management Authority presented in the meeting, Cabinet Committee will give final approval
All matters of transfer, valuation and management of assets will be subject to the approval of the provincial cabinet
Complete process flow of Punjab Asset Management Authority presented before Chief Minister Maryam Nawaz Sharif
98 percent of net income from projects will be deposited directly in the provincial treasury - Briefing
Only 2 percent of the income from projects will be retained by the authority for salaries of employees and operational expenses.
Reporter: Rao Dilshad Hussain