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RULING COALITION BACKS ASIF ZARDARI FOR PRESIDENTIAL ELECTION
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Friday, 8 March, 2024 I 26 Sha’ban, 1445
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PPP TO SUPPORT PM SHEHBAZ WHO WOULD WORK TO STEER PAKISTAN ON PATH TO PROGRESS: ZARDARI
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ISLAMABAD
DESPITE RESERVATIONS, MQM-P ALSO JUMPS BANDWAGON VOWING SUPPORT TO PPP CHIEF
STAFF REPORT
HE ruling coalition on Thursday threw its weight behind Asif Ali Zardari from the Pakistan Peoples Party (PPP) for the election as next president. The endorsement came to light during a gathering hosted by Prime Minister Shehbaz Sharif, where members of the National Assembly and Senate from PML-N and its coalition partners were invited to a dinner reception. Lawmakers of coalition parties including Pakistan Muslim League-Nawaz (PML-N), Muttahida Qaumi Movement-Pakistan (MQM-P), Balochistan Awami Party (BAP), and Istehkam Pakistan Party (IPP) and PML-Q attended. The event was attended by the joint presidential candidate Asif Ali Zardari, PPP Chairman Bilawal Bhutto-Zardari, and members of their party including Yousaf Raza Gilani, Senator Raza Rabbani, Raja Pervez Ashraf, and Khurshid Shah. MQM Pakistan’s Khalid Maqbool Siddiqui, Dr Farooq Sattar and Mustafa Kamal also participated in the event. Leaders of the IPP, including Awn Chaudhry, and others were also present, while Senator Ishaq Dar of PML-N, Senator Azam Nazeer Tarar, and other PML-
N members of the National Assembly and Senate attended. Among them were Dr Tariq Fazal Chaudhry, Khawaja Asif, and Khawaja Saad Rafique. During the event, PM Shehbaz reiterated his endorsement of Asif Ali Zardari for the presidency, a sentiment echoed and supported by all coalition parties present. “We will vote for Asif Ali Zardari, and we are united to change the fate of the country,” said the premier while addressing the participants. “At this time, the country’s economy is facing difficulties. If we all contribute, the crisis will end.” Speaking to the participants, Asif Ali Zardari expressed his gratitude towards
Moody’s upgrades outlook on Pakistan’s banking sector to stable g
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AGENCY ANTICIPATES COUNTRY'S ECONOMY WILL GROW BY 2% IN 2024, WITH INFLATION EXPECTED TO DECREASE FROM 29% TO 23% PROFIT
MONITORING DESK
Moody’s Investors Service revised its perspective on Pakistan’s banking sector to stable from negative. The update is attributed to strong profitability, consistent funding, and liquidity which serve as a cushion against the nation’s economic and political challenges. The agency anticipates the country’s economy will grow by 2% in 2024 following a period of lower activity in 2023, with inflation expected to decrease from 29% to 23%. Despite the positive outlook, Pakistani banks’ significant exposure to government securities, constituting about half of their total assets, links their creditworthiness closely to the national government’s financial health. The economic backdrop remains challenging with high government liquidity risk and external vulnerabilities. Yet, the aftermath of the 2022 floods and low base effects are likely to foster a modest economic revival. Nonetheless, elevated interest rates and inflation are projected to limit private-sector spending and investment. The banking sector faces asset risk due to substantial government securities holdings, making up 51% of total assets. Problem loans are forecasted to stabilize at around 9% of gross loans, due in part to cautious lending practices. Bank capital is expected to remain stable, with reported Tier 1 capital ratios indicating robustness well above regulatory requirements.
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Shehbaz Sharif, Ishaq Dar, Khalid Maqbool Siddiqui, and others for nominating him. “I am the elder among all of you, the challenges facing Pakistan are difficult but their solution is not impossible. Einstein was not afraid of difficult challenges and Shehbaz Sharif is also not afraid of them either,” he remarked. Zardari pledged his support to Shehbaz Sharif, affirming his commitment to assist him at every level. “Fix agriculture, fix canals and build dams, let us become a force for China, all this is definitely difficult but not impossible, we will make Pakistan prosperous together, God willing,” he added. On Supreme Court recent verdict in
Zulfikar Ali Bhutto murder case, Zardari remarked: “When I filed the reference, no one knew what would happen, but I knew and yesterday everyone saw that history had reversed itself and the judiciary admitted that Bhutto was killed,” he recounted. “Be sure that Allah is with you because without His command nothing can be solved,” he concluded. On the occasion, Bilawal expressed gratitude to all the coalition parties and Shehbaz Sharif, emphasizing that Asif Ali Zardari would make history as the first civilian president of Pakistan to take office for a second term on Saturday. “Zardari was the strongest president in the country’s history. Despite that, we passed the 18th Amendment and transferred the powers to the prime minister, abolished the power of 582(b) and handed it over to the prime minister,” he added. The PPP chairman expressed optimism that Zardari, once elected president, would unify the nation and resolve societal divisions, as he had done in the past, ultimately strengthening democracy through collaboration with all political parties. “We must face Pakistan’s challenges together, but we are optimistic about our success,” Bilawal asserted. “We will endeavour to secure victory for our joint candidate (Zardari) with the highest possible number of votes.”
PHC extends stay on oath-taking of reserved seats MNAs till Mar 13 ‘BLOW TO ZARDARI’
PESHAWAR
STAFF REPORT
The Peshawar High Court (PHC) on Thursday extended the stay on the oath-taking of the beneficiaries of the women and minorities reserved seats in the National Assembly until March 13. The PHC extension in stay order may be a spanner in the works for the ruling coalition as the court has stayed the oath-taking of additional seats allotted to the ruling coalition parties which actually was a share of PTI-Sunni Ittehad Council members. A five-member larger bench led of PHC, headed by Justice Ishtiaq Ibrahim, and comprising – Justice Ijaz Anwar, Justice SM Attique Shah, Justice Shakeel Ahmed and Justice Syed Arshad Ali, resumed hearing the petition, a day after a two-judges bench sent the petition for hearing by a larger bench. The petitioners’ counsels — including PTI lawyer Qazi Anwar — and Khyber Pakhtunkhwa Additional Attorney General Sanaullah as well as the lawyers of other respondents appeared before the court. However, due to Attorney General of Pakistan (AGP) Mansoor Usman Awan failing to appear, the stay order issued yesterday was extended until March 13. The order was issued on a petition filed by the Sunni Ittehad Council (SIC) — which was joined by PTI-backed independents who won the elections sans their elec-
toral symbol — challenging the Election Commission of Pakistan’s decision to reject the party allocation of reserved women and minority seats. In a 4-1 verdict earlier this week, the electoral watchdog ruled that the SIC was not entitled to claim quota for reserved seats “due to having non curable legal defects and violation of a mandatory provision of submission of party list for reserved seats which is the requirement of law”. The commission had also decided to distribute the seats among other parliamentary parties, with the PML-N and the PPP becoming major beneficiaries. Meanwhile, the verdict was rejected by the PTI as unconstitutional and the party vowed to challenge it. During a preliminary hearing on Wednesday, a two-member bench of the PHC had barred the oath-taking
of the MNAs allotted the reserved seats. It issued a pre-admission to the ECP and all the respondents in the case, listing six questions that needed to be determined. The court further referred the matter to the PHC chief justice for the constitution of a larger bench to “adjudicate upon the intricate constitutional questions involved in the matter”. THE HEARING: At the outset of the hearing, AAG Sanaullah informed the court that AGP Awan was occupied with cases in the Supreme Court and sought more time. Justice Ibrahim recalled that the court had summoned the AGP, at which Anwar said that a new AGP would be appointed today, who would then appear before the PHC. Here, PPP counsel Advocate Qazi Jawwad said that the presidential elections were scheduled for March 9 (Saturday).
Coalition govt pushes ahead with PIA’s privatisation g
PM SEEKS SCHEDULE FOR PRIVATISATION OF FLAGCARRIER, ORDERS TO REMOVE HURDLES IN RECOVERY OF RS 1.7 TRN STUCK-UP TAXES PROFIT
NEWS DESK
In its quest to overhaul loss-making state-owned enterprises (SOEs), the Shehbaz Sharif-led coalition government is pushing ahead with the privatisation process of Pakistan International Airlines (PIA). While chairing a high-level meeting on the PIA’s privatisation and restructuring of the Federal Board of Revenue (FBR), Prime Minister Sharif directed the Ministry of Privatisation to submit the schedule for the PIA’s privatisation in the next two days after taking essential steps. During the meeting, the participants reviewed the progress on the privatisation of PIA and considered the next phases of the process. According to the state-run news agency, the PM warned that no laxity and irresponsibility would be tolerated and said that complete transparency should be ensured in all phases of privatization. The proposed roadmap for the system of automation of the FBR was also approved in principle. The participants considered in detail the proposals for transparency in the system of FBR, infrastructure reforms according to international standards, increase in taxes through incentives, eradication of corruption and smuggling, separation of inland revenue and customs departments, and decrease in tax rates. The PM said that the roadmap should be implemented with clear-cut timelines. The targets should be determined realistically but the implementation of reforms should be the fastest in the region, he said, adding the targets could be achieved with round-theclock work as “we do not have time to waste as it is a matter of the future of Pakistan and economic recovery”. The meeting sought recommendations from the Ministry of Law for the resolution of legal disputes in the pending cases of tax recovery and revenue in courts. PM Shehbaz instructed that the hurdles in the recovery of Rs 1.7 trillion in stuck-up taxes should be removed with the resolution of legal disputes. He also directed the Ministry of Law to present proposals to create a legal department in the FBR, for the preparation of drafts according to law and the hiring of services of lawyers. He said six to seven percent economic growth was possible with the implementation of reforms, adding that investment was needed to modernize the revenue and tax system. “We want to bring a system of taxation based on incentives. We desire to reduce the burden of taxes but the business community has to help by playing a role for the progress of people through social service.” The prime minister asked that an effective third-party audit system should be ensured, which so far has not been done. He said that a tax system with high quality was in vogue in the world and “we also have to improve our system”. He urged that all exemptions in taxes should be thoroughly reviewed. He was of the view that Pakistan would not have been left behind in the world if small and medium enterprises were promoted. “We could not promote our small and medium industry in the last 40 years. Now is the time to expand this sector.” Former caretaker minister for finance Dr Shamshad Akhtar gave a detailed briefing about the restructuring of FBR, automation, and different aspects of the loopholes in the collection of taxes and the future strategy.
‘In a first,’ SJC declares Justice (r) Mazahar Naqvi guilty of misconduct CONTINUED ON PAGE 03
ISLAMABAD
STAFF REPORT
What is being described as first instance of ruling against a Supreme Court judge, the Supreme Judicial Council (SJC) on Thursday ‘found’ Justice (r) Sayyed Mazahar Ali Akbar Naqvi guilty of misconduct. “Allegations are levelled against Judges of the Supreme Court and High Courts and the same are publicised. A number of Judges have expressed concern that if they respond to such allegations the same may be construed as misconduct because the Code of Conduct, dated 2 September 2009 issued by the Supreme Judicial Council, in its ArticleV states that a Judge should not seek publicity. The Supreme Judicial Council deliberated upon the matter and was of the opinion that if a reply or clarification is issued by or on behalf of a Judge it does not violate Article-V,” a press release issued by the SJC, after it convened a meeting on February 29 and March1, read. During the meeting, it said, the SJC reviewed six complaints, dismissing five due to lack of substance. However, one com-
plaint against a judge from the High Court of Balochistan prompted the issuance of a notice, requiring the judge to provide a response within 14 days. “SJC rendered its opinion in respect of the nine complaints against Sayyed Mazahar Ali Akbar Naqvi under Article 209(6) of the Constitution of Islamic Republic of Pakistan and opined that he was guilty of misconduct and should have been removed from the office of Judge,” the statement concluded. Last month, in unexpected turn of events, Justice (retd) Naqvi resigned from his position amid allegations of misconduct. Surprisingly, Justice (retd) Ijazul Ahsan followed suit within a day, prompting speculation about the reasons behind their sudden departure. “In the circumstances which are a matter of public knowledge and to some extent public record, it is no longer possible for me to continue to serve as a judge of the Supreme Court of Pakistan,” Justice Naqvi wrote in his resignation. “Considerations of due process also compel. I, therefore, effective today resign as judge of the Supreme Court of Pakistan,” he added.
In a letter sent to Chief Justice of Pakistan Qazi Faez Isa and all SC judges in December, Justice Naqvi wrote that the treatment meted out to him by the SJC was “nothing short of disgraceful”. In October last year, the SJC issued a show-cause notice to Justice Naqvi in connection with the complaints lodged against him and directed the judge to submit a reply
within two weeks. Headed by CJP Isa, the SJC includes Justice Tariq Masood, Justice Ijazul Ahsan, Lahore High Court Chief Justice Muhammad Ameer Bhatti, and Balochistan High Court CJ Naeem Akhtar. In a preliminary reply submitted to the council in November, Justice Naqvi cited “serious prejudice” against him, demanding that CJP Isa, Justice Masood and CJ Akhtar should recuse themselves and not hear the matter. On November 20, Justice Naqvi challenged the SJC proceedings against him and also contested the show-cause notice issued to him by the council, maintaining that the initiation of proceedings was coram non-judice and without lawful authority. Later, the SJC issued a fresh show-cause notice to Justice Naqvi on November 22, directing him to file his reply within 14 days. On December 4, Justice Naqvi again approached the top court and expressed his intent to pursue the constitutional petition he had moved earlier seeking to quash the revised show-cause notice issued by the SJC. After a couple of days, Justice Naqvi drew the attention of the SC committee com-
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prising three senior-most judges towards the silence over his petitions challenging the issuance of the show-cause notice despite the lapse of time as stipulated in the Supreme Court (Practice & Procedure) Act, 2023. On December 15, the SJC in an open hearing gave two weeks to Justice Naqvi to respond to the misconduct allegations and directed him to submit a reply to the showcause notice by January 1. Later, the judge filed a detailed response to the show-cause notice, claiming that the allegations against him were “absolutely and maliciously false”. He added that the SJC was not empowered to entertain any complaint against a judge and was only entitled to receiving “information”. On January 8, Justice Naqvi withdrew his objection to the three-judge bench hearing his plea challenging the issuance of a show-cause notice to him. Earlier, a three-member SC bench led by Justice Aminuddin Khan and comprising Justice Jamal Khan Mandokhail and Justice Musarrat Hilali dismissed Justice Naqvi’s petition to halt the ongoing misconduct proceedings at the SJC.