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AFTER HIGH DRAMA, PRESIDENT ALVI FINALLY Newly-elected members of KP, CONVENES NA SESSION TODAY Balochistan assemblies sworn in thursday, 29 february, 2024 i 18 Sha'ban, 1445
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President convenes session expecting allocation of reserved seats to SIC
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ISLAMABAD
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Dar accuses President Alvi of attempting to once again violate constitution
SaleeM JaDoon
OLLOWING high drama, President Arif Alvi late Wednesday night convened a National Assembly session hours before the lower house of parliament is set to meet for the oathtaking of newly-elected MNAs. According to a communique issued by the presidency, the president has summoned the NA session at 10am today. “President has convened the National Assembly session expecting that the reserved seats would be allocated to the Sunni Ittehad Council (SIC) according to their strength in the House,” a statement issued by the presidency said. The statement said that President of Pakistan is head of the state and is a symbol of federation according to the Article 41 of the Constitution. “As head of state, the president has reservations over the response submitted by caretaker prime minister. President is not addressed the way it was done in the summary sent by the PM Office,” the statement reads.
Earlier, despite objection by President Dr Arif Alvi, the National Assembly Secretariat on Wednesday convened the inaugural session of the lower house of Parliament. In a notification issued by NA Secretary Tahir Hussain, it was disclosed that Caretaker Prime Minister Anwaarul Haq Kakar
has approved the session under Article 91(2) of the Constitution. The decision follows consultations with the Ministry of Parliamentary Affairs and the Ministry of Law. On Monday President Dr Arif Alvi returned a caretaker government’s summary
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The newly-elected members of the Khyber Pakhtunkhwa and Balochistan assemblies were sworn in on Wednesday while the election for Speaker and Deputy Speaker will be held on Thursday (tomorrow). In Peshawar, the maiden session of Khyber Pakhtunkhwa Assembly was marred by chaos by workers and leaders of the Pakistan Tehreek-e-Insaf. Scheduled for an 11 AM start, the session quickly descended into disarray due to the sheer number of guests accompanying the members. With over 800 passes issued for a limited-capacity hall, pandemonium erupted even before proceedings began. Members struggled to enter, encountering obstructions from the large crowd, resulting in a temporary holdup at the entrance. Eventually, they gained access with the help of their party workers. for convening the inaugural session of the National Assembly, prompting Speaker Raja Pervaiz Ashraf to call the maiden sitting of the lower house of parliament on February 29. Alvi, whose presidency is coming to a conclusion within a few weeks, emphasised that he would only approve the summary if the issue of reserved seats for women and
China agrees to roll over $2bn loan for Pakistan g
Adding to the prevailing chaos, a Muslim League-Nawaz worker, Sobia Shahid, arrived brandishing a clock, sparking a retaliatory response from PTI supporters who threw water bottles, shoes, and even a lota (metal jug) at her. Amidst this commotion, Shahid continued to display the clock defiantly. In KP, around 115 newly elected representatives took oath in a session marred by ruckus.
CONTINUED ON PAGE 03 minorities was resolved and distributed among the parties, as per law. His delay tactics drew criticism from political parties, including the PML-N and PPP, urging him not to misuse his powers as the head of state.
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Pakistan utilised a $4.5 billion Chinese trade finance facility for debt purposes PROFIT
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China has consented to extend the repayment period of a $2 billion loan that was set to mature on March 23, 2024. This development comes after initial requests by China to raise the interest rates on this debt. Currently, Pakistan is subject to a 7.1% interest rate, determined by the six-month Secured Overnight Finance Rate (SOFR) plus an additional 1.715%. The agreement to maintain the existing loan terms was informally communicated by China, with Pakistan’s Ministry of Finance awaiting formal confirmation. The move followed a request from
Pakistan’s Interim Prime Minister Anwaarul Haq Kakar to the Chinese government last month, seeking the rollover of the maturing loans. Pakistan’s strategy to bolster foreign exchange reserves through deposits from China, Saudi Arabia, and the United Arab Emirates has seen interest costs surge by 118% last fiscal year, partly due to significant currency devaluation. The total interest paid to these three nations on $9 billion deposits was Rs26.6 billion, a substantial increase from Rs12.2 billion the previous year. The gross official foreign exchange reserves of Pakistan’s central bank stand at $8 billion, reflecting a decade-long policy of borrowing from regional countries
during economic downturns. However, this has not led to an improvement in repayment capacity, often resulting in loan extensions at maturity. Following an agreement with the International Monetary Fund (IMF), Saudi Arabia and the UAE increased their financial exposure to Pakistan, bringing the total deposits from these three countries to $12 billion. This increase is expected to raise the interest cost substantially for the current fiscal year. Additionally, Pakistan utilised a $4.5 billion Chinese trade finance facility for debt purposes, paying Rs42.1 billion in interest last fiscal year. This facility, part of the $8 billion in
gross official foreign exchange reserves, highlights the continued reliance on foreign loans amid political instability and stagnant foreign direct investment. As Pakistan’s current IMF programme nears expiration, securing the last tranche of $1.2 billion remains a priority.
while officially declaring him the candidate for the prime minister’s slot. He further expressed hope that Pakistan would emerge out of the current crises in the next one or two years. “Pakistan is very injured at this time and we will have to fill its wounds,” Nawaz said. “We will have to take the country out of these difficulties and I be-
lieve that we will have to make difficult decisions in the next two years […] but if your intention is pure then God will surely help you. The former premier further said that party leader Sardar Ayaz Sadiq will contest the election for the National Assembly speaker. Nawaz Sharif emphasised that all political parties should work on a special agenda to take country out of crisis. “Do your own politics, opposition is also a part of politics, but don’t endanger Pakistan and the system,” he highlighted. “We have to give ease to the public, we have to fix the prices of electricity and gas, we have to make Pakistan stand on its feet and if you move forward with a well-thought agenda then this journey will become easy,” Nawaz said. He pointed out that despite dharnas by the PTI during his previous tenure, the PML-N led federal government continued to work for the country and fulfilled all its commitments to the public.
Shehbaz ‘best choice’ to lead country in prevailing circumstances: Nawaz Sharif ISLAMABAD
Staff RepoRt
Pakistan Muslim League-Nawaz (PMLN) supremo, Nawaz Sharif on Wednesday warned the upcoming government will need to make “difficult decisions” in next two years, insisting that his younger brother Shehbaz is the best choice for the premiership. Addressing the party’s parliamentary session in Islamabad, the three-time prime minister lauded Shehbaz Sharif’s performance as the prime minister during the tenure of the Pakistan Democratic Movement (PDM). “The way he [Shehbaz] stopped the country from defaulting is unprecedented,” Nawaz Sharif said, hoping that Pakistan would emerge out of the current crises in the next one or two years. “Pakistan is badly wounded at this time,” he said, noting that the upcoming government will have to make difficult
decisions in the next two years. He pointed out that inflation was the ‘biggest problems’ in such difficult circumstances. “We have to give ease to the public, we have to fix the prices of electricity and gas, we have to make Pakistan stand on its feet,” he stressed. “In the current circumstances, Shehbaz Sharif is the best choice,” he said
Kh Asif claims Bajwa, Faiz wielded influence over legislative processes ISLAMABAD
Staff RepoRt
PML-N leader Khawaja Asif on Wednesday claimed that former army chief Gen (r) Qamar Javed Bajwa and ex-spymaster Lt Gen (r) Faiz Hameed wielded influence over legislative processes in the previous government of PTI. Talking to the media after the PML-N’s parliamentary party meeting, Asif stressed the necessity of involving not only politicians but also other stakeholders for political stability. “All elements must collaborate for stability,” he insisted. The PML-N leader disclosed that Qamar Bajwa and Faiz Hameed played instrumental roles in shaping legislation related to the Financial Action Task Force (FATF). Asif admitted, “During that period, we used to consult them at their ‘messes’ for legislation.” He said that the legislations were steered into law due to military interference and lamented that the nation continues to suffer the ongoing repercussions as a result. “We are still grappling with the damages incurred during that time,” Asif lamented while highlighting the shared responsibility of all stakeholders to prioritise national interests and work collaboratively for the nation’s improvement. Moreover, the former federal minister criticised President Dr Arif Alvi, alleging constitutional violations for failing to convene the inaugural session of the National Assembly within the constitutionally mandated deadline. Asif went further, suggesting that President Alvi should face treason charges under Article 6. Commenting on the May 9 riots, Asif urged accountability for those who challenged the state on that day, stressing the need for justice and responsibility in the face of such challenges.
PTI requests IMF to consider political stability in financial aid discussions g
vere challenges, including high inflation and dwindling foreign reserves, despite a $3 billion bailout from the IMF last summer. Additionally, China has extended a $2 billion loan to Pakistan for another year to help ease financial strains. With the expected formation of a new government by Khan’s opponents, analysts suggest further IMF support will be necessary after the current bailout ends in April. Khan has been accused by the opposition of endangering a previous $6 billion IMF deal, a charge he denies. The IMF has stated its readiness to support Pakistan with a new arrangement post-election to address ongoing economic issues, contingent on a request from the new government.
The IMF has acknowledged that it has not yet received the letter PROFIT
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The Pakistan Tehreek-e-Insaf (PTI) party, has approached the International Monetary Fund (IMF) to incorporate considerations of Pakistan’s political stability into its ongoing financial aid discussions. This request was articulated in a letter from PTI to the IMF, as confirmed by senior party sources. The specifics of the letter are yet to be disclosed, but the party promises to release more information soon. The IMF has acknowledged that it has not yet received the letter. This development follows the IMF’s decision to not comment on Pakistan’s political situation, especially after calls for an audit of the disputed
February 8 elections before continuing talks with Islamabad. Financial analysts, such as Sohail Ahmed from Topline Securities, believe this move by PTI will not
significantly impact the market, as the IMF conducts its own assessments. This request comes at a time when Pakistan’s economy faces se-
PM Kakar disapproves of PTI’s move to write letter to IMF ISLAMABAD
Staff RepoRt
Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday expressed his disapproval of Pakistan Tehreek-e-Insaf leadership’s latest political salvo of writing a letter to the International Monetary Fund (IMF), termed it ‘highly irresponsible’. Appearing in a talk show of a private TV channel, the prime minister said the letter was sent at time when the caretaker government had worked significantly for the economic revival with the relevant indicators showing positive trends, it achieved different financial targets.
The negotiations with the IMF were in the process for 6 billion dollars agreement which was important for the economic health of the country, he said, adding moreover, different multilateral agreements were also dependent on it. He said that there were appropriate forums for the electoral disputes and the PTI’s gesture of writing a letter to the IMF was unjustified and highly irresponsible. However, he maintained that in the tangible terms, the letter would have no effects, but it would have political costs for the PTI that had a narrative in that regard.
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