Pakistan seeks $800 million payment from UAE government

Pakistan seeks $800 million payment from UAE government

ISLAMABAD - Pakistan seeks $800 million payment from United Arab Emirates government.

Prime Minister Imran Khan has directed Advisor Finance and Revenue, Dr. Abdul Hafeez Shaikh, to approach United Arab Emirates’ (UAE) government for payment of the remaining $800 million from M/s Etisalat, sources revealed.

These directions were given in a meeting of the economic team, where different issues relating to the economy were discussed. Dr. Hafeez Shaikh held the portfolio of Privatization Minister when 26% of PTCL’s shares and management control were sold to M/s Etisalat.

Originally a 100% state-owned corporation, the shareholding of government-owned PTCL shares was reduced to 62% after 26% shares and control were sold to Etisalat Telecommunications, and the remaining 12% was sold to the general public in 2006 under an intensified privatization program during the tenure of Prime Minister Shaukat Aziz.

Last year, Asad Umer while presiding over a meeting of Cabinet Committee on Privatisation (CCoP), decided to sell the remaining shares of PTCL . However, the decision has not yet been implemented.

Etisalat has withheld $799.3 million because of the non-transference of some PTCL properties in Sindh and Punjab to PTCL .

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