President promulgates ordinance establishing the Federal Government Property Management Authority
ISLAMABAD – President Dr. Arif Alvi issued an ordinance titled “Federal Government Property Management Authority Ordinance, 2021” to establish the Federal Government Property Management Authority.
The President issued Ordinance 2021 under article 89 of the Constitution of the Islamic Republic of Pakistan. According to the ordinance, “Considering that it is opportune to manage and efficiently use the assets of the federal government by attracting private investments, from within and abroad and to undertake special projects. If and when the government wishes it in collaboration with private investors, local or foreign and does so to generate income, facilitate job creation, develop Pakistan’s human resources, improve exports, support economic growth and improve the provision of services to the population ”. The authority shall be a legal person, having perpetual succession and a common seal, with the power and functions to acquire, hold and use assets in accordance with the provisions of this ordinance, and shall pursue and be prosecuted in this respect. name.
The seat of the Authority is in Islamabad and it may, with the prior approval of the Government, establish as many offices throughout the country as necessary. The government may transfer any asset to the Authority and upon such transfer, this Ordinance will apply exclusively to the transferred assets. The Authority must create a database of assets held by various government entities, recommend to the government these assets to be transferred to the Authority for investment, take possession of any assets transferred to the Authority.