Federal Cabinet approves plan to lease out airports, motorways

Federal Cabinet gives approval to the Finance Ministry's plan

By: News Desk
Published: 02:32 PM, 22 Jun, 2021
Federal Cabinet approves plan to lease out airports, motorways
Caption: File photo of Lahore-Karachi Motorway.
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The Federal Cabinet on Tuesday approved the plan to lease out the country's airports and thoroughfares in order to generate billions of rupees  to tide over the budget deficit, reported 24NewsHD TV channel.

The meeting of the Federal Cabinet was chaired by Prime Minister Imran Khan. The summary was sent to the cabinet for approval by the Finance Ministry.

According to sources, the federal government is once again trying to raise big loans by leasing out public assets.

Sources said that after the rejection of a plan to lease out F9 Park, the government has readied a new plan for generating loans amounting to billions of rupees.

The sources disclosed to the News24 that government was expecting to generate Rs1,800 billion through the leasing deed of airports and motorways.

The sources divulged that on Jan 26, the federal cabinet while rejecting the government’s summary had advised it to prepare a plan to lease out Islamabad Club instead of F9 Park. But the bureaucracy not only included the Islamabad Club but also added three airports, two motorways and Islamabad Expressway to the list of assets planned to be leased out.

It is pertinent to mention here that the Islamabad Club sprawling on 244 acres is exclusively reserved for bureaucrats, higher authorities and influential people.

Sources told News24 that government plans to lease out Islamabad, Lahore and Multan airports, M3 and Islamabad-Chakwal Motorway.

The government will have to pay less interest on the loans to be generated from leasing these assets out as compared to the loans the government obtains from other sources.

It is ironic that on one hand, the government is claiming to have achieved economic stability and on the other, it is making a plan to acquire a huge loan.

Reporter Awais Kiyani