Through the Inter-Governmental Commercial Transactions Ordinance 2022, the Centre has also empowered itself to issue binding instructions to the provincial governments for land acquisition, according to a copy of the ordinance. 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 to avoid the looming default. The Cabinet Committee on the Inter-Governmental Commercial Transactions will be formed that will have sweeping powers, including those overriding six Acts of parliament. The Cabinet Committee on the Inter-Governmental Commercial Transactions will authorise negotiations for a G2G agreement between the federal government and government of a foreign state. The government has also set aside six laws for undertaking these commercial transactions to sell stakes to foreign powers.
