On the first day of the auction drive, Pakistan government 70 luxury cars "above their market price".
As part Prime Minister Imran Khan's push for austerity measures, the Pakistan government on Monday started the process of auctioning 102 luxury vehicles owned by the PM House.
The cash-strapped government sold 70 luxury cars "above their market price" on the first day of the auction, a senior minister said.
Speaking to reporters, Information Minister Fawad Chaudhry said the first batch of 70 vehicles have been sold successfully.
"These cars were sold above their market price," Chaudhry claimed amid reports that the government hopes to collect Rs 2 billion (US $16 million) from the auction.
The auction took place at the premises of Prime Minister House in Islamabad.
In his first address to the nation, Imran Khan had emphasised on cutting government expenditure. As part of the cost-cutting initiative, he had announced the auction of surplus PM House vehicles.
Pakistan's debt and liabilities rose sharply to nearly Rs 30 trillion or 87% of total size of the economy at the end of previous fiscal year, according to media reports.
Statistics released by the State Bank of Pakistan (SBP) last month showed that in the last five years, Pakistan's total debt and liabilities increased Rs 13.5 trillion or 82.8% to stand at Rs 29.9 trillion. Five years ago, Pakistan's total debt and liabilities were Rs 16.4 trillion, the Express Tribune reported.
1. People visit an auction of government owned used cars at the premises of Prime Minister House in Islamabad
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The Pakistan government on Monday started the process of auctioning 102 luxury vehicles owned by the PM House. Information Minister Fawad Chaudhry said the first batch of 70 vehicles were sold successfully on Monday. He added that vehicles which are classified as protected (bomb and bullet-proof) would be auctioned next.
(Photo: Reuters)
2. 70 vehicles have been sold on the first day of the auction on Monday
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The cars that are being auctioned include four recent models of Mercedes Benz, eight bullet-proof BMWs, three 5000cc SUVs and two 3000cc SUVs of 2016 model. 24 Mercedes Benz of 2016 model are also being auctioned. Two of the 28 cars are 4,000cc bullet-proof vehicles, the report said. Further, 40 Toyota cars, a Lexus SUV, and two Land Cruisers are also up for auction.
(Photo: Reuters)
3. The auction took place at the premises of Prime Minister House in Islamabad
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Other vehicles that are being auctioned include eight Suzuki cars, five Mitsubishi vehicles, nine Hondas and two jeeps. The cars will be sold to those who have the highest bid.
Apart from luxury cars, the government, facing huge debts and liabilities, plans to auction eight buffaloes kept by deposed and jailed former prime minister Nawaz Sharif at the PM House for his "gastronomic requirements".
(Photo: Reuters)
4. A man writes down the details of a government owned car on sale during an auction at PM House in Islamabad
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Minister Fawad Chaudhry claimed cars were sold above their market price in the auction on Monday. Reports said that the government hopes to collect Rs 2 billion (US $16 million) from the auction. Pakistan's debt and liabilities rose sharply to nearly Rs 30 trillion or 87% of total size of the economy at the end of previous fiscal year, according to media reports.
(Photo: Reuters)
5. The auction is part of Prime Minister Imran Khan's austerity drive
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In his first address to the nation, Imran Khan had emphasised on cutting government expenditure. As part of the cost-cutting initiative, he had announced the auction of surplus PM House vehicles.
(Photo: Reuters)
