In partnership with
Profit
Tuesday, 5 November, 2024 I | 2 Jamadi ul Awwal, 1446
Rs 20.00 | Vol XV No 119 I 8 Pages I Islamabad Edition
GOVT ‘BULLDOZES’ BILLS IN PARLIAMENT FOR INCREASE IN SC JUDGES, TENURE OF SERVICES CHIEFS
g
Law Minister tables bill raising number g Defence Minister introduces amendments of Supreme Court judges to 34 extending service chiefs’ tenures
Govt turned parliament into ‘rubber-stamp’, says PTI on services chiefs, judges bills ISLAMABAD
STAFF REPORT
T
ISLAMABAD MIAN ABRAR
HE National Assembly passed six bills on Monday, including the one that aims to increase the number of Supreme Court judges and another concerning the extension of the tenures of armed services chiefs, amid loud protests from the opposition. A few hours later, the Senate also passed the amendment bills. With Acting President Yousaf Raza Gilani signing the bills into laws, the changes — including to length of tenure (five years instead of three) as well as period of extension and reappointment (five years instead of three) — would apply to all current armed forces chiefs. The first bill, presented by Law Minister Azam Nazeer Tarar, proposes raising the number of Supreme Court judges to 34. He stated, “This amendment will help clear the backlog of cases and ensure we have enough judges to form constitutional benches after the 26th Amendment.” He added that the bar associations, including the Supreme Court Bar Association (SCBA), have long advocated for this change to alleviate the thousands of
pending cases in the court registries in Karachi, Quetta, Peshawar, and Lahore. Following Tarar’s presentation, the national assembly proceeded with the vote on the bill despite fierce opposition protests. The PTI lawmakers encircled the Speaker’s desk and lodged strong protest. Amendments to Armed Forces Acts The National Assembly also passed amendments to the Pakistan Army, Air Force, and Navy Acts, extending the tenures of service chiefs. Defense Minister Khawaja Asif introduced these amendments under the Pakistan (Army/Air Force/Navy) Act Amendment, 2024. The government introduced all the bills through a supplementary agenda. According to the Army Act Amendment Bill of 1952, the retirement rules for generals will not apply to the army chief, allowing for continued service upon appointment, reappointment, or extension. The House approved the Pakistan Air Force Act, 1953, and the Pakistan Navy Amendment Bill, 1961, by majority vote. The statement of objects and reasons for the amendments indicates that the goal is to align the Pakistan Army Act, 1952, the Pakistan Navy Ordinance, 1961, and the Pakistan Air Force Act,
Plight of Kashmiris, Palestinians reflects gaps in global peacekeeping efforts: COAS ISLAMABAD
STAFF REPORT
Chief of Army Staff (COAS) General Syed Asim Munir on Monday said that the plight of Palestinians and Kashmiris highlighted gaps in global peacekeeping efforts as he inaugurated the 28th Annual Conference of the International Association of Peacekeeping Training Centre (IAPTC). According to a statement from the Inter-Services Public Relations (ISPR), Gen Munir, in a keynote address to the gathering, emphasised that global peace today was confronted with ever-evolving threats and challenges. “Despite the numerous peacekeeping endeavours underway by the UN and other organisations, the plight of innocent Kashmiris and Palestinians serve as a stark reminder that still, a lot needs to be done,” he said, according to the statement. Under Secretary General Department of Peace Operations Jean Pierre Lacroix, United Nation’s police advisor, acting deputy military advisor, foreign secretary of Pakistan and rector of the National University of Science and Technology (NUST), were also in attendance. Speaking during the conference, Lacroix acknowledged Pakistan’s contributions to UN Peacekeeping Operations and appreciated the country for hosting the 28th IAPTC Annual Conference. Earlier on arrival, the COAS was received by Inspector General Training and Evaluation (IGT&E), Lieutenant General Fayyaz Hussain Shah. Pakistan has been one of the longest-serving and largest contributors to UN Peacekeeping for decades. Since joining the UN on Sept 30, 1947, Pakistan has participated in 70 UN peacekeeping missions across the globe, according to a 2022 report. UN statistics show that 168 Pakistanis were also among more than 4,000 UN peacekeepers killed since 1948.
Categorically rejecting the fresh bills bulldozed through the National Assembly and the Senate, Pakistan Tehreeke-Insaf (PTI) Chairman Barrister Gohar Ali Khan on Monday accused the government of turning parliament into a “rubber-stamp”. Talking to journalists outside the Parliament House, the PTI chairman said: “Pakistan’s parliament is being made rubber-stamp. [Opposition’s] voice in the House is being silenced. This monarchy cannot be the fate of the Pakistani nation.” His remarks came after the lower house of parliament passed six bills including “The Supreme Court Number of Judges (Amendment) Bill, 2024 with the majority vote, following a detailed clause-by-clause review. Other bills include the “Supreme
1953, with the maximum tenures for the chiefs of the Army, Navy, and Air Force, ensuring uniformity across these laws. The proposed Pakistan Army (Amendment) Act, 2024, seeks to extend the Chief of Army Staff’s tenure from three to five years. The amendment specifies that in Section 8A, “three (03)” will be replaced with “five (05).” This section currently states that the President, on the advice of the Prime Minister, appoints a General as the Chief of the Army Staff for a tenure of three years. Similarly, Section 8B aims to extend the maximum period for reappointment or tenure extension to five years instead of the previous three years.
Court (Practice and Procedure) (Amendment) Bill, 2024,” the “Islamabad High Court (Amendment) Bill, 2024,” Pakistan Army Amendment Bill, 2024,” the Pakistan Air Force Amendment Bill, 2024,” and the “Pakistan Navy Amendment Bill, 2024.” The PTI leader said that the people of Pakistan reject any kind of legislation that would lead the country to a monarchy. “As usual, the government was in a hurry [to get the bill passed from the House] today.” Referring to the pace of approval by the parliament, Barrister Gohar said that he was sure that the lawmakers who gave their nod to the legislation today did not even know the content of the bills. The PTI chief further said that the government passed the bill to increase the number of judges in the top court in a bid to appoint CJP of its choice.
An amendment to Section 8C addresses the retirement age and service limits of service chiefs, removing the age limit of 64 years during their tenure. This section states that retirement rules for a General do not apply to the Chief of the Army Staff while in office, ensuring continued service without age restrictions. After the bills were passed, the Speaker adjourned the National Assembly until 11 AM the following day. PTI denounces passage of bills Following the passage of the bills, PTI Chairman Barrister Gohar Ali Khan expressed his discontent on social media, stating, “Today, democracy has been transformed into a monarchy.”
Saudi crown Prince invites millions of Pakistani IT workers to bolster tech sector PROFIT
NEWS DESK
Prime Minister Shehbaz Sharif announced on Monday that Crown Prince Mohammed bin Salman of Saudi Arabia is seeking millions of skilled workers from Pakistan’s Information Technology sector to enhance the kingdom’s technological infrastructure. During a cabinet meeting, PM Shehbaz shared insights from his recent diplomatic engagements in Saudi Arabia and Qatar, where both nations expressed a keen interest in partnering with Pakistan to develop its workforce and IT capabilities. In his discussions with the Saudi crown prince, PM Shehbaz noted that Saudi Arabia anticipates a growing demand for IT professionals in the near future, as reported by Express News. Saudi delegations are also investigating potential collaborations in solar energy, mining, agriculture, and IT, with a Pakistani team set to visit Saudi Arabia soon to delve deeper into these discussions. In Qatar, productive conversations took place between PM Shehbaz and Emir Sheikh Tamim bin Hamad Al Thani, who reaffirmed
Qatar’s commitment to economic cooperation. Qatar is accelerating a previously announced $3 billion investment, with the Qatar Investment Authority (QIA) preparing to send a delegation to Pakistan this month to explore opportunities in the IT and mineral sectors. The Qatari emir also revealed plans for an IT park in Pakistan, further strengthening bilateral tech relations. Information Minister Ataullah
Tarar announced on Friday that Qatar’s $3 billion investment across various sectors is poised to significantly impact Pakistan’s economy and benefit its citizens. A Qatari delegation is expected to visit Pakistan soon to finalize these investment commitments, underscoring the substantial economic advancements achieved during Prime Minister Shehbaz Sharif’s recent visits to Saudi Arabia and Qatar.
Imran Khan’s health declared satisfactory following medical check in Adiala Jail ISLAMABAD
STAFF REPORT
Chairman of Pakistan Tehreek-e-Insaf (PTI) Imran Khan has been declared in satisfactory health following a comprehensive medical examination at Adiala Jail. A team of four doctors conducted the examination, including three from the Pakistan Institute of Medical Sciences (PIMS) and Dr. Asim Younis from Shaukat Khanum Hospital. The medical team recommended additional tests for Khan, with a detailed report to be submitted to the Islamabad High Court (IHC). Earlier, on October 24, the IHC had directed the Executive Director of PIMS to form a medical board to assess the health of the 72-year-old former prime minister. The court had also ordered the inclusion of Khan’s personal physician, Dr. Faisal Sultan, in the board. Justice Miangul Hassan Aurangzeb issued the order after resolving a petition filed by Khan. The court emphasized that Khan, as an under-trial prisoner, should have unimpeded access to qualified medical care within Adiala Jail. The petition, filed by Khan, had requested a health evaluation conducted by his personal doctors.
All cases should not be transferred to constitutional benches: Justice Mansoor ISLAMABAD
STAFF REPORT
Supreme Court Justice Mansoor Ali Shah on Monday expressed his opposition to the idea of transferring all cases to constitutional benches, suggesting that many cases should remain with the regular benches of the Supreme Court for better efficiency. Justice Shah made these comments during a hearing related to an overbilling case. He advised the petitioner’s counsel against referring every case to a constitutional bench, stating, “Leave some cases with us too.” The petitioner’s counsel argued that the 26th Amendment introduced new grounds that could warrant referral to a constitutional bench. However, Justice Shah countered that this specific case did not raise substantial constitutional or legal issues, thus rendering a constitutional bench unnecessary. The court ultimately closed the case, while noting that appeals concerning earlier judgments on overbilling were still pending. JCP Restructured Ahead of First Session In a related development, the Judicial Commission of Pakistan (JCP) is set to hold its first meeting today (Tuesday) to discuss the formation of constitutional benches in light of the newly passed 26th Constitutional Amendment and the establishment of a JCP secretariat. Following last month’s constitutional amendments, the JCP—responsible for nominating judges to higher courts—has been restructured. The meeting notification, released by the JCP secretary on Saturday, reveals that the commission, chaired by Chief Justice Yahya Afridi, now includes 12 members, including three senior Supreme Court judges: Syed Mansoor Ali Shah, Munib Akhtar, and Aminuddin Khan. Other members consist of Attorney General Mansoor Awan, Law Minister Azam Nazeer Tarar, and a bar representative, Akhtar Hussain Advocate. The commission also comprises four members from parliament: a senator and an MNA from the ruling party, alongside a senator and an MNA from the opposition. A woman member has also been appointed. Prior to the notification, National Assembly Speaker Ayaz Sadiq nominated members to the JCP, subsequently informing the commission via letter.
SBP cuts policy rate by 250 bps to 15% as October inflation drops to 7.2%
g
SBP cuts rate by 700 basis points cumulatively in last four monetary policy meetings PROFIT REPORT
The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) met on Monday, November 4 2024, to decide the policy rate of Pakistan. The MPC decided to bring down the policy rate by 250 basis points to 15%, effective from November 5, 2024. The rate cut slightly above the analysts’ expectation of 200 basis points cut. However, the secondary market had already priced in the rate cut as yields in the secondary market are down to 13-14% In its MPC statement, the MPC noted that inflation has declined faster than expected and has reached close to its mediumterm target range in October (7.2%). The Committee assessed that the tight monetary policy stance continues to play an important role in sustaining the downward trend in inflation. Moreover, a sharp decline in food inflation, favourable global oil prices and
absence of expected adjustments in gas tariffs and petroleum development levy (PDL) rates have accelerated the pace of disinflation in recent months. Considering these developments, the Committee views the current monetary policy stance as appropriate to bring inflation within the 5 – 7% target range and support macroeconomic stability and help achieve sustainable economic growth. This is the fourth consecutive cut by the SBP. The SBP has cut the rate by 700 basis points cumulatively in last four monetary policy meetings. Inflation expectations The SBP’s decision comes on the back of a favourable inflation report, with October’s inflation rate at 7.2%, inching close to the SBP’s medium-term target range of 57%. Besides contained demand, improved domestic supply of key food commodities, steady global oil prices and favourable base
effect accelerated the pace of disinflation in recent months. The MPC’s outlook remains cautiously optimistic, expecting inflation to ease further if these trends continue. Considering these developments, the MPC anticipates the average inflation for fiscal year 2025 to be significantly lower than its previous forecast range of 11.513.5%. However, this outlook is subject to multiple risks, such as escalation in the Middle East conflict, recurrence of food inflation pressures, ad hoc adjustments in administered prices and implementation of contingency taxation measures to meet shortfalls in revenue. Challenges in fiscal sector In the fiscal sector, Pakistan’s government is showing early signs of fiscal discipline. The first quarter of fiscal year 2025 posted a fiscal and primary surpluses of 1.4% and 2.4% of GDP, respectively, supported by record SBP profits which boosted
non-tax revenue However, the FBR tax collection remained dismal and fell short of target. This raises concerns about achieving the fiscal year 2025 tax target which will require significant effort. While debt management might help in containing fiscal expenditure, still, meeting the primary balance target will be challenging, with the MPC underscoring the need for fiscal reforms. Priorities include expanding the tax base and restructuring loss-making public-sector enterprises (PSEs) to sustain macroeconomic stability. SBP-banks-government nexus The money supply (M2) growth has increased slightly to 15.2% year on year as of October 25. High money supply in the economy creates inflationary pressures. However, the MPC noted favourable developments. Owing to SBP’s bumper profits, the government reduced its borrowing from banks and also initiated buy-back
operations of its outstanding debt securities to reprofile debt by swapping expensive securities for lower-cost alternatives. As the net budgetary borrowing from the banking system declined, SBP’s liquidity injections also declined, which is reflected by a decline in outstanding stock of Open Market Operations (OMOs). Outstanding OMOs have declined to Rs 9.4 trillion as of October 21, 2024 as compared to Rs 10.8 trillion at the end first quarter of fiscal year 2025. As per the MPC, “deposits continued to remain the major driver of M2 growth.” However, the MPC believes that deposits will decline in the coming months as private sector lending picks up. “Private sector credit demand is likely to pick up as financial conditions ease,” the MPC noted, anticipating that banks may increase lending to meet regulatory thresholds and avoid penalties on their advances-to-deposit ratios (ADR).