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PM SHEHBAZ TERMS IMRAN AS CAUSE OF ECONOMIC, POLITICAL INSTABILITY
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Tuesday, 30 May, 2023 I 9 Zilqad, 1444
BLAMES IMRAN FOR SCRAPPING IMF DEAL AND VIOLENT PROTESTS
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ISLAMABAD
CALLS PRESIDENT ERDOGAN, FELICITATES ON RE-ELECTION
STAFF REPORT
RIME Minister Shehbaz Sharif Monday said Imran Niazi had a role in deepening economic challenges of Pakistan as he scrapped the deal with the International Monetary Fund (IMF) and his non-stop agitation, long marches and sit-ins caused economic and political instability. In a tweet on the social media platform Twitter, he said, “Looks like Imran Niazi’s understanding of the economy and the broader environment in which it operates is quite limited. He also conveniently forgets his own role in deepening economic challenges. From scrapping the IMF deal, he has always wished Pakistan to default.” “This is in addition to the adverse impact his politics of non-stop agitation, long marches, and dharna has had on the economy in terms of causing political instability. Even Pakistani investors would shy away from investing their capital in such an unstable environment deliberately created by Imran Niazi. The terrible events of May 9 alone have cost the economy billions of rupees & are an irrefutable endorsement of his nefarious designs. This is not to mention the plethora of corruption cases he is involved in,” he noted.
He further said, “Yes, we do face the economic challenges but the doomsday scenario is past us. Sincere efforts are being made to address the challenges through economic belt-tightening and timely policy interventions. We are also working with friends and partners to bridge the financing gaps where needed.” “The real challenge for us is to reduce our dependence on imports and bring down inflation, which is possible when we make exports, investment and productivity the engine of the economy. This is where our efforts are headed,” he concluded. PM CALLS PRESIDENT ERDO-
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GAN, FELICITATES ON REELECTION: Prime Minister Shehbaz Sharif on Monday telephoned President of Turkiye Recep Tayyip Erdogan and congratulated him on his re-election and expressed best wishes for him. Talking to President Erdogan, the PM said,”Your re-election is a recognition of your association with the people of Turkiye and impeccable service.” President Erdogan won the re-election by securing 52.16 per cent of votes against the candidate of combined opposition in the presidential election held on May 28. In his remarks, Shehbaz Sharif said,
“In the last two decades, under your leadership, Turkiye made remarkable progress. I believe that under your wise and sagacious leadership Turkiye will continue its journey on the path of progress and prosperity with the same pace.” “I am certain that Turkiye will play a more effective role for the peace and stability in the Islamic world,” he said adding, “Your personal interest in further solidifying and deepening the special relationship between Pakistan and Turkiye is a source of strength and satisfaction”. He said his government was determined to work with President Erdogan to further solidify the bilateral brotherly ties between the two countries in the coming days. “We are desirous of early holding of the seventh meeting of the Strategic Cooperative Council of the two countries,” the prime minister said, adding, “We are eager to welcome you on your arrival in Pakistan for participation in the meeting.” He told President Erdogan that his participation in the meeting would further promote the strategic cooperation of the two brotherly countries in multidimensional fields. The newly elected President of Turkiye thanked the prime minister and reciprocated the warm sentiments of goodwill. President Erdogan also expressed his best wishes for the government and people of Pakistan.
ECP review petition: SC adjourns hearing indefinitely after AGP informs of new law
Visibly ‘fuming’ Dar struggles to answer questions on ‘IMF deal failure’ ISLAMABAD
ISLAMABAD
STAFF REPORT
STAFF REPORT
Finance Minister Ishaq Dar on Monday got angry on questions hurled by journalists that was it his failure for not having an (Staff Level Agreement) agreement with the International Monitory Fund (IMF). Ishaq Dar addressed Pakistan’s First International Conference on Islamic Capital Markets here during which he assured the nation that government has been trying to fix the economy. The conference was jointly organized by the SECP and AAOIFI. Hopes for a resumption of an IMF deal are diminishing, analysts say, with a bailout programme agreed in 2019 due to expire on June 30 at the end of the 2022-23 fiscal year. During the question-answer session, a visibly angry Dar refused to answer questions on the new budget and the IMF (deal). Later, Dar quickly rebutted the notion asking, “Has Pakistan defaulted?”. He explained the government has ensured all our international payments. A journalist asked it is the first time he encountered difficult economic conditions and the economy is not being fixed. The finance minister hastened to shun the journalist, saying, “I will see it later.” Dar said he would like the IMF to clear its 9th review before the budget, which is due to be presented in early June, as all the conditions for that had already been met. The central bank’s foreign reserves have fallen as low as to cover barely a month of controlled imports. Pakistan’s economy has slowed, with an estimated 0.29% GDP growth for 2022-2023. “They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them,” Dar said in an interview with a private Tv news channel. LOOMING DEFAULT: Only a day back on Sunday, Dar said Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds.
The Supreme Court adjourned the hearing of the Punjab polls review petition after being caught off guard by the AGP arguing that a new law passed has enlarged the scope of review petitions against judgments. Attorney General of Pakistan (AGP) Mansoor Awan told the Supreme Court (SC) that the new act had been notified under Article 184 (3) of the Constitution. In view of the new law that was signed by President Arif Alvi on Friday, a larger bench will hear review petitions. AG Awan informed the court of the development as a three-member bench headed by CJ Bandial comprising Justice Ijazul Ahsan and Justice Munib Akhtar was hearing the ECP’s review petition against the bench’s April 4 order. The same three-judge bench had on April 4 ordered the ECP to hold elections in Punjab on May 14. Notably, the federal government and the apex court have been at loggerheads over the provision of polls in Punjab and Khyber Pakhtunkhwa for months. During previous proceedings, the government had contended that the bench’s order encroached on the autonomy of the ECP.
Meanwhile, the three-member bench had said that the ECP’s review petition would be heard with an open mind and that the government’s “past” will not be used against it. However, under the new law, the review will now be heard by a larger bench. The National Assembly on Friday passed the “Supreme Court (Review of Judgements and Orders) Bill, 2023” aimed at giving the right of appeal under Article 184 of the constitution – a right which was not available in the past. The bill states that a review petition may be filed within 60 days of the passing of the original order. The statement of objects and reasons of the bill, “it is necessary to ensure the fundamental right to justice by providing for meaningful review of judgments and orders
passed by Supreme Court of Pakistan in exercise of its original jurisdiction under Article 184”. Furthermore, it states that in case of SC judgments and orders in the exercise of its original jurisdiction under Article 184 of the Constitution, the scope of review shall be the same as an appeal under Article 185. The bench was visibly surprised to know that President Alvi had signed the bill yesterday. “This is quite interesting,” remarked CJ Bandial before adjourning proceedings indefinitely. Resultantly, Nawaz Sharif and Jahangir Tareen can now file new review petitions within 60 days. However, no review petition has been submitted against the judgment which held that disqualification under Article 62 (1) (f) of the Constitution would be for life.
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Cabinet places Imran, Bushra on ECL Contact: 0307-7338168
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The federal cabinet on Monday placed Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and his wife Bushra Bibi names to the Exit Control List (ECL) due to their alleged involvement in illegal transfer of 190 million pounds in the Al-Qadir Trust case. It is pertinent to mention that Islamabad High Court (IHC) has decided to adjudicate the matter relating to bail applications of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in the Al-Qadir Trust corruption case on May 31 as the court has issued summon to Khan for the day. A special division IHC bench comprising Justice Miangul Hassan Aurangzeb and Justice Saman Rafat Imtiaz will take up the matter at 2pm on May 31. Following the recommendation of NAB Rawalpindi, the cabinet approved the inclusion of the names of Imran Khan and Bushra Bibi in the exit control list through a circular summary. Earlier, the federal government decided to add the names of 80 people, including PTI Chairman Imran Khan and his wife Bushra Bibi, to the no-fly list. Those included in the nofly list and barred from traveling abroad include Imran Khan, Bushra Bibi PTI leaders Murad Saeed, Maleeka Bukhari, Fawad Chaudhry and Hammad Azhar. Real estate tycoon Malik Riaz recorded his statement with the National Accountability Bureau (NAB) along with former ministers of Imran Khan’s cabinet in the Al Qadir University land allotment case. The development surfaced on Wednesday as NAB pursues a graft case against Imran Khan. Others included in the case are former federal overseas minister Zulifiqar Bukhari, and former advisor on accountability Shehzad Akbar are also involved in the case were land was allotted for Al Qadir Trust University in exchange for ensuring that the £190 million (Rs70 billion) seized in the UK are returned to Riaz in Pakistan. A private television claimed the NAB has recorded an initial statement of Malik Riaz in the case. It is pertinent to note that Riaz appeared before the bureau at its Rawalpindi office two weeks ago. Sources claimed that Malik Riaz was questioned about his connection with the case and whether he had allotted land for the varsity, details of the allotment agreement and any conditions imposed and records of the same. Last year in November, NAB had sent a callup notices to property tycoon Malik Riaz and asked him to come up with complete record regarding purchase of 458 kanals in Sohawa Tehsil, the agreement through which Bahria Town donated land to Al Qadir Trust along with revenue documents, and details of other property transferred by him, or by any of his relatives, in favor of Al Qadir Trust or any of its trustees. JASHMED DASTI, IMRAN DHANOTAR CALL ON PTI CHIEF IMRAN KHAN: Pakistan Tehreek-e-Insaf (PTI) ticketholders from Muzaffargarh Jamshed Khan Dasti and Mian Imran Dhanotar called on PTI Chairman Imran Khan and discussed the current political situation and the worst crackdown against PTI across the country. According to the details, PTI ticketholder from Muzaffargarh PP-274 Jamshed Khan Dasti and PTI candidate from PP-273 Mian Imran Dhanotar held a meeting with the party Chairman at his Zaman Park’s residence on Monday. On the occasion, Dr. Saeed and Ayaz Ahmed were also present. In the meeting, they discussed the the ongoing worst crackdown against PTI and the prevailing political situation discussed threadbare. During the meeting, they held out assurance to PTI Chairman that the people of the entire country and especially of Muzaffargarh were standing alongside him this Jihad for real independence of Pakistan.
PIA manages to successfully lease Roosevelt Hotel. How did we get here? PROFIT REPORT
In the latest twist in the saga surrounding the Roosevelt Hotel in Manhattan, Pakistan International Airlines has leased the building to a New York City firm for a period of three years. The lease has been signed with the New York City Health and Hospitals Corporation which will provide residential facilities to ‘housing migrants’ in the hotel. The hotel has long been a prized possession of Pakistan’s national carrier which has been bleeding money from every possible direction for years on end now. Back in December 2022, the Cabinet Committee on Privatisation (CCoP) had been in very serious discussions to sell the hotel in a bid to bolster the PIA’s finances and stop it from being privatised. The hotel’s origins In use by Pakistan International Airlines (PIA) since the late 1970s, the Roosevelt Hotel occupies a unique place both in the history of the United States and Pakistan’s national airline. One of the grand-old buildings of 19th century New York, the hotel
was bought by developer Paul Milstein in July 1978. In the bid for the hotel’s ownership, Milstein beat out a number of highprofile middle-eastern investors that wanted to form a consortium and buy the hotel. The very next year in 1979, Milstein ended up leasing the hotel to the PIA which had partnered with Prince Faisal bin Khalid bin Abdulaziz Al Saud in the transaction. The lease cost an estimated $35 million and was to run for 20 years. Prince Faisal and PIA were to pay $2.7 million to $4 million annually in rent, and they also obtained an option to acquire the hotel after 20 years at a set price of $36.5 million. True to this, in 2000, the PIA and Prince Faisal bought the hotel for $36.5 million. However, in the course of the lease the hotel was regularly mismanaged and its facilities began to deteriorate and become outdated. Over the years, the question of selling the hotel arose a number of times. However, everytime the government of Pakistan shied away from actually pulling the plug and has spent millions of dollars on its renovations. Things really took a turn for the worse in 2020 when the Covid-19 pandemic hit.
Hotel closure and suggestions galore According to media reports, the hotel took a great hit from the general downturn that the hospitality industry saw during the course of the pandemic. An Aviation Division report from earlier even indicated that the hotel had to be shut down in December 2020 with the approval of cabinet to avoid a yearly loss of $37 million. Back in 2020, the Cabinet Committee on Privatization (CCoP) the approved leasing of the hotel site for setting up a joint venture project for prospective mixed used development, the best suited mode of privatisation as delineated in the PC Ordinance, 2000 and directed PC to initiate the appointment of Financial Advisor. However, litigation in Tethyan Copper Company (TCC) in a Reko Diq case, halted the process for appointment of FA. Up for sale? The settlement of the Reko Diq case meant that the government was once again keen on doing something with the hotel but have also made it clear that the hotel is not up for sale. For now, it seems that the next three
years of the hotel’s fate have been sealed. The ECC had also allowed PIA-IL/ RHC to utilise the funds of $1.145 million from the available balance as bridge financing to commence the re-opening work at the hotel. The committee had directed the Privatisation Commission (PC) to initiate the appointment of a Financial Adviser to redevelop the historic hotel that had to shutter operations because of losses incurred during Covid-19.
The suggested redevelopment would involve the land of the hotel being utilised to redevelop the site into a mixed use of primarily office tower over retail and condominium. However, with a lot of fist thumping and disagreement over what should be done with the hotel, the plan for redevelopment seemed to be a way to quell the rumours that the government was trying to sell off the hotel.