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Top military brass, TOP JUDGE’S POWERS: CJP VOWS NOT agencies brief PM TO COMPROMISE ON JUDICIAL FREEDOM on national security Wednesday, 3 May, 2023 I 12 Shawwal, 1444
Rs 15.00 | Vol XIII No 303 I 8 Pages I Islamabad Edition
SUPREME COURT SAYS POLITICIANS ACT IMPROPERLY BY QUESTIONING LEGITIMACY OF DECISIONS WHEN THEY DO NOT GET THEIR OWN WAY
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ISLAMABAD STAFF REPORT
HIEF Justice Umar Ata Bandial Tuesday said an independent judiciary is necessary for democracy to function in Pakistan, as the Supreme Court held a hearing to consider a set of petitions challenging a law that aims to restrict the authority of the top judge. An eight-judge larger bench — headed by Justice Bandial and comprising justices Ijaz ul-Ahsan, Munib Akhtar, Mazahar Ali Akbar Naqvi, Muhammad Ali Mazhar, Ayesha Malik, Syed Hasan Azhar Rizvi, and Shahid Waheed — heard the petitions filed under Article 184(3) of the Constitution which deals with the jurisdiction of Supreme Court. The law reads: “… the Supreme Court shall, if it considers that a question of public importance with reference to the enforcement of any of the fundamental rights […] is involved have the power to make an order of the nature mentioned in the said article.”
The bill in question, which has already become an act of parliament, seeks to limit the individual authority of the chief justice to initiate suo motu proceedings and form benches unilaterally, and instead places these powers in a panel consisting of the chief justice and two senior-most judges of the Supreme Court. The law also proposes the right to appeal against suo motu decisions. Last month, the court had preemptively frozen action on the bill even before it was passed into law, de-
SC registrar seeks record of NA sessions ISLAMABAD: Registrar Supreme Court (SC) Registrar Ishrat Ali on Tuesday sought the record of five National Assembly (NA) sessions. Last month, Speaker NA Raja Pervaiz Ashraf wrote a letter to the Chief Justice of Pakistan (CJP) showing the sentiments of the lawmakers on the legislation of the SC bill. As per details, the SC registrar’s office has sought record of NA sessions held on April 6, 10, 17, 26 and 27. The minutes of NA standing committee on Finance have also been sought by the SC office. Earlier, the NA speaker’s office reportedly refused to provide the record on verbal orders but despite written orders, the said record has not been given to the SC registrar’s office. STAFF REPORT
Country’s largest firms repurchase shares as default fears mount PROFIT
ISLAMABAD
Companies in Pakistan are seeking to repurchase their shares as valuations plummet to their lowest level in at least a decade due to a bid to secure an International Monetary Fund (IMF) bailout programme, according to Bloomberg. Lucky Cement and Habib Bank, two of Pakistan’s largest conglomerates, have both revealed their plans to buy back shares, while at least five other companies are expected to do the same. The KSE-100 Index has reportedly fallen to its lowest price-to-earnings ratio since 2008. Pakistan is in need of IMF support to prevent defaulting on its debts, with non-essential import bans resulting in production stoppages across multiple industries. Zubair Ghulam Hussain, CEO at Insight Securities Pvt, stated that this is the biggest buyback wave in Pakistan’s history and is anticipated to continue. Lucky Cement intends to repurchase up to 7.6% of its shares for up to $36 million, while Habib Bank’s largest shareholder plans to spend 3.5 billion rupees to regain its stock. Shares of both companies increased by 7.5%, decreasing their 12-month losses to 24% and 28%, respectively. Other companies that have also revealed buyback plans are Bank Alfalah, Maple Leaf Cement Factory, and NetSol Technologies. In March, Moody’s Investors Service downgraded Pakistan to its lowest rating due to growing concerns about the nation’s ability to secure financing and avoid defaulting.
Headline inflation in April at record high, hits a distressing 36.4pc g
PAKISTAN’S INFLATION OUTPACES SRI LANKA AS ASIA’S FASTEST PROFIT
ISLAMABAD
Pakistan continues to face economic distress as its headline inflation hit a record high of 36.4% in April 2023. According to data released by the Pakistan Bureau of Statistics (PBS), on Tuesday, the Consumer Price Index has gone up by the record highest, on a YoY basis. This is the highest inflation rate recorded since 1965. The rise in inflation is mainly attributed to a surge in food and energy prices, as well as a depreciation of the Pakistani rupee. The country has also been grappling with political turmoil and a perceived default risk. Furthermore, its bailout program with the International Monetary Fund (IMF) has been stalled since November 2022, and negotiations to resume funding have been ongoing since February 2023. The situation has led to an increased risk of default, and international rating agencies have downgraded the country’s economic status. The State Bank of Pakistan (SBP) has implemented a contractionary monetary policy, and the possibility of another rate hike cannot be ruled out. The current economic and political instability in Pakistan has made life difficult for its citizens, with monthly inflation reaching an alltime high. According to Bloomberg, Pakistan has the fastest-rising price in
claring the act “shall not have, take or be given any effect nor be acted upon in any manner.” Barrister Salahuddin Ahmed appeared on behalf of the Pakistan Muslim League-Nawaz (PML-N), Farooq Naek represented the Pakistan Peoples Party (PPP), and Hassan Raza Pasha, a Pakistan Bar Council (PBC) official, represented the union of lawyers before the court. During the hearing, Attorney General Mansoor Usman Awan revealed that some political parties would like to address the bench via video link, to which the chief justice responded that the bench will hear everyone. He remarked that the judiciary has “reservations” over the law and emphasised that the independence of the judiciary is a “fundamental right.” Pakistan Tehreek-e-Insaf (PTI) lawyer Khawaja Tariq Rahim said the judicial reform bill has become part of the law. The court sought a record of the debate held in the parliament and a standing committee on judicial reforms. Pasha, who heads the executive committee of the PBC, requested the inclusion of senior judges in the bench, while the union also sought the formation of a full court and the exclusion of Justice Naqvi, who is part of the bench. However, the court rejected his request. The chief justice stressed that independence of the judiciary is a “fundamental right,” and it cannot be changed. He remarked that “politics has tainted the judicial process,” adding that “complaints keep coming against most of the Supreme Court judges including myself.” The demand for a full court and removal of judges was also made during the election delay case. The hearing of the pleas was adjourned by the court till May 8, and the chief justice directed all parties in the case to submit written arguments in the case.
Asia surpassing even Sri Lanka, where inflation was measured at 35.3% in the previous month. The surge in inflation, amid ongoing political and economic turmoil, has made life more difficult for citizens. The increase is significant compared to the previous month’s inflation of 35.4% and April 2022’s inflation of 13.4%. On a month-on-month basis, inflation increased to 2.4%. The food group, which has a significant weight of 34.58% in the inflation reading, was the primary driver behind the increase, rising by over 48% from 176.38 in April 2022 to 261.17 in April 2023. The transport group also saw a substantial increase of 56.77% on a year-on-year basis. It is important to note that experts had anticipated even higher inflation, with some predicting a 38% year-on-year inflation rate. The Finance Division had also predicted that inflation would remain at an elevated level in the coming months due to food and energy price hikes, currency depreciation, and rising administered prices. Rural areas were the hardest hit, with CPI inflation increasing to 40.7% year-on-year in April 2023, compared to 38.9% in the previous month and 15.1% in April 2022. In urban areas, CPI inflation increased to 33.5% yearon-year in April 2023, compared to 33% in the previous month and 12.2% in April 2022. As per details the Sensitive Price Index (SPI) inflation on YoY
increased to 42.1% in April 2023 as compared to an increase of 40.4% a month earlier and 14.2 % in April 2022. On a MoM basis, it increased by 2.7 % in April 2023 as compared to an increase of 5.8 % a month earlier and an increase of 1.5 % in April 2022. The Wholesale price Index (WPI) inflation on YoY basis increased to 32.8 % in April 2023 as compared to an increase of 37.5 % a month earlier and an increase of 28.1 % in April 2022. On MoM basis, it decreased by 0.4 % in April 2023 as compared to an increase of 4.7 % a month earlier and an increase of 3.2 % in corresponding month of last year i.e. Apr 202. Measured by non-food nonenergy Urban increased to 19.5 % on (YoY) basis in April 2023 as compared to an increase of 18.6 % in the previous month and 9.1 % in April 2022. On (MoM) basis, it increased by 1.8 % in April 2023 as compared to an increase of 2.5 % in previous month, and an increase of 1.1 % in corresponding month of last year i.e. April, 2022. Measured by non-food nonenergy Rural increased to 24.9 % on (YoY) basis in April 2023 as compared to an increase of 23.1 % in the previous month and 10.9 % in April 2022. On (MoM) basis, it increased by 2.7 % in April 2023 as compared to an increase of 2.4 % in previous month, and an increase of 1.2 % in corresponding month of last year i.e. April 2022.
ISLAMABAD
STAFF REPORT
Prime Minister Shehbaz Sharif on Tuesday chaired a meeting which was attended by top military brass and the heads of sensitive agencies, and discussed with them the matters pertaining to the national security. According to sources, national security issues were considered in the meeting, while the heads of sensitive institutions briefed the prime minister on the security issues as well as the overall situation, including the border situation. The meeting was attended by Army Chief Gen Asim Munir, Director General of the Inter-Services Intelligence (ISI) LtGen Nadeem Anjum and relevant senior officials. The prime minister expressed satisfaction over the performance of the military institutions. Also, Prime Minister Shehbaz consulted cabinet ministers and senior leaders from his Pakistan Muslim LeagueNawaz party on the court proceedings pertaining to the bill on the powers of the chief justice as well as the elections on Punjab. According to Express News, Sharif chaired a meeting with party leaders, during which Law Minister Azam Nazir Tarar briefed the participants on the relevant constitutional issues. “A detailed consultation was held on the overall political situation of the country,” according to the report. “The court proceedings were also reviewed in detail in the meeting,” it added. “The meeting agreed to continue using the forum of parliament effectively. The participants reiterated their commitment not to allow anyone to interfere in the affairs of parliament,” the report added. Separately, a delegation, led by Azad Jammu and Kashmir (AJK) Prime Minister Anwarul Haq met the prime minister. During the meeting, Shehbaz assured Haq of resolving the AJK’s problems regarding the development funds as soon as possible. “Pakistan stands with the people of Indian Illegally Occupied Jammu and Kashmir (IIOJK) in their struggle for freedom and the government of Pakistan will continue to provide moral, political and diplomatic support for their right to self-determination.” Shehbaz said that India’s move of stripping Kashmir of its special status on August 5, 2019 was an illegal action and a violation of human rights. He urged the international community, including the United Nations, to take notice of it. The delegation comprised AJK ministers Waqar Noor, Faisal Rathore, AJK lawmaker Latif Akbar, PML-N AJK President Shah Ghulam Qadir, AJK Peoples Party President Chaudhry Yasin and former AJK prime minister Raja Farooq Haider.