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Thursday, 23 February, 2023 I 2 Shaʻban, 1444
Rs 15.00 | Vol XIII No 236 I 12 Pages I Islamabad Edition
‘Elders’ order’: Justice Isa declines PTI request to probe Cablegate
A complete guide to new taxes on airlines tickets and travel destinations
Pakistani officials in Kabul for crucial talks on combating militancy
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High-profile ‘detentions’ as PTI launches court arrest drive Story on Back Page
Govt scrambles for money as Imf talks reach fInal staGes g
PM ANNoUNCES SLEW oF AUSTERITY MEASURES FoR CASH-STRAPPED GovT To SAvE RS200B FoR CoUNTRY
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will be auctioned,” he said. “Where needed, ministers will be provided only one car for security.” The premier further said that federal ministers would also travel in economy when undertaking domestic travel or going abroad. He said that support staff would no longer
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ELD up against the ropes both economically and politically, the federal government on Wednesday announced a slew of measures including an expected loan of $700 million from the China Development Bank (CDB) and austerity measures as it tries to ride out the threat of default. on a day marked by the chaos and excitement of the Jail Bharo Tehreek launched by the Pakistan Tehreek i Insaaf (PTI), finance minister Ishaq Dar in a presser said that the loan from the CDB had been approved and formalities completed. The loan is a vital if temporary injection to Pakistan’s scarily dwindling foreign exchange reserves, which the government is hoping will carry the country through until an agreement is reached with the International Monetary Fund (IMF) In a separate press conference, flanked by members of the PDM cabinet, Prime Minister Shehbaz Sharif said cabinet members would forgo their salaries and take other austerity measures like giving up their luxury vehicles. The prime minister claimed this would save Pakistan some Rs 200 billion. The current dire straits faced by the coalition government have followed from high-drama that saw the country’s negotiations with the IMF fall flat after a misguided effort by the PML-N’s financial wizard Ishaq Dar to peg the dollar at a set rate. The State Bank of Pakistan (SBP) is expected to receive the money from the CDB this week, which would help shore
SAYS CABINET MEMBERS WoULD FoRGo SALARIES, GIvE UP LUxURY vEHICLES
be allowed to go on state visits while cabinet members would not stay in five-star hotels during foreign trips. He added that the current expenditure of ministries, departments and sub-departments would be reduced by 15 per cent.
China Development Bank’s board approves $700 million in financing
up the country’s dwindling foreign exchange reserves, Dar wrote on Twitter. This money will be crucial in maintaining enough import cover until a deal can be struck with the IMF. The fund’s deal is currently keeping a tranche of $1.3 billion away from Pakistan. While former finance minister Miftah Ismail has warned that Pakistan will have to enter another IMF programme immediately after completing this one, the more important aspect is that the IMF tranche is expected to unlock inflows from friendly countries and other multilateral institutions. Dar had said earlier this year that the country’s foreign reserves situation would be “much better than you can
think ” by end-June. China and Saudi Arabia would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current account deficit would be about $3bn less than earlier projections, he had said. Meanwhile, addressing a press conference alongside members of the federal cabinet in Islamabad, the premier said that ministers, state ministers and special advisers to the premier had “willingly” decided to forego their salaries and perks. He said that all ministers would now pay their own telephone, electricity, water and gas bills. “All luxury cars being used by cabinet members are being revoked and
ISLAMABAD: In a situation of drying up funds, the Chinese Development Bank (CDB) has become the first drop of rain in providing respite. In a tweet, the finance minister, Ishaq Dar, mentioned that formalities had been completed and the board of the CDB had approved a facility of $700 million for Pakistan. The money will be received by the State Bank of Pakistan within the week and the money will help shore up the country’s ever so shrinking reserves. Chinese Development Bank, is a state owned and a state funded institution, that is overseen, directly by the State Council. The terms of the loan have not been made public. However, being a state-enterprise of the Chinese government, the financing facility is likely to be under the same terms as other CPEC loans. A top government official reportedly told media sources that the government was hopeful about the refinancing of already matured loans of Chinese commercial banks too. Pakistan obtained an approximately $6.3 billion rollover from the Chinese government and commercial banks in the last quarter, a considerable portion of which is owed to Chinese commercial banks. The majority of these loans mature in March 2023. According to media reports, Pakistan is looking to obtain a refinancing of approximately $2 billion worth of loans, by the first week of March. As Pakistan closes in on the prior conditions set by the IMF, it is now out to scout for additional external financing sources. Despite the promised bilateral loans from friendly countries, that are contingent upon the IMF tranche, Pakistan will need more financing to close in on the requisite figure of $16 billion, set by the IMF. As of now, the country has spiked up its fiscal revenue targets, as asked by the IMF. This has been done by raising fuel and power prices and additional tax measures introduced through the Finance (Supplementary) Bill 2023. Talking to the standing committee on Finance and Revenue, the State Minister Aisha Ghaus Pasha, said that Pakistan had made considerable progress over virtual negotiations with the Washington based lender and the Staff Level Agreement will soon be signed. shahnawaz ali
CJP takes suo motu notice of delay in Punjab, KP polls islamabad staff report
Chief Justice of Pakistan (CJP) Umar Ata Bandial on Wednesday took suo motu notice of the delay in holding polls in Punjab and Khyber Pakhtunkhwa, saying that there appeared to be a “lack of clarity” on the matter. Elections are to take place in both provinces after previous PTI governments had dissolved their assemblies before the expiry of their five-year mandated term on the orders of party chairman Imran Khan. It is pertinent to mention that the suo motu notice comes two days after President Dr Arif Alvi on Monday unilaterally announced April 9 as the date for holding elections in both the provinces after his invitation for consultations on the matter was turned down by the Election Commission of Pakistan (ECP). The CJP has constituted a ninemember bench to hear the case and ordered the matter to be fixed for hearing tomorrow (Thursday) at 2pm.
The bench comprises the CJP, Justice Ijazul Ahsan, Justice Syed Mansoor Ali Shah, Justice Munib Akhtar, Justice Yahya Afridi, Justice Sayyed Mazahar Ali Akbar Naqvi, Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar and Justice Athar Minallah. In the notice, CJP Bandial said that the SC bench would consider the following questions: Who has the constitutional responsibility and authority for appointing the date for the holding of a general election to a provincial assembly, upon its dissolution in the various situations envisaged by and under the Constitution? How and when is this constitutional responsibility to be discharged? What are the constitutional responsibilities and duties of the federation and the province with regard to the holding of the general election? In the notice, the CJP said two SC judges, in an order dated February 16, had referred the matter to him for suo motu proceedings. He noted that separate pleas had also been filed in the apex
court regarding the delay in holding polls. He further noted that the Lahore High Court (LHC) had directed the ECP to immediately announce the date for polls in Punjab. He said that the Punjab governor and the ECP had filed intra-court appeals which were currently pending. “It seems to be the governor’s case that since he did not act on the advice tendered by the then-chief minister and made no order dissolving the assembly, he does not have the responsibility or authority to appoint the date for the general election. The election commission has, it appears, also taken the position that under the Constitution it has no authority to appoint the date for a general election, though it has categorically stated (as reported in the public media, both print and electronic) that it is fully committed to conducting the said election in accordance with the Constitution.” He further said that the KP governor had also not fixed a date for holding polls and a petition in this regard was pending before the Peshawar High Court. CJP Bandial went on to say that the
president had taken the position that he had the authority and responsibility for fixing a date, and had announced that polls would be held on April 9. The CJP said that over a month had passed since the two provincial assemblies were dissolved, adding that “it
seems prima facie that even the matter of appointing the date of the general elections, which is the first step towards the holding of the elections, has still not been resolved”.
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