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Friday, 15 July, 2022 I 15 Zil hajj, 1443 I rs 15.00 I Vol XII no 374 I 12 pages I Karachi edition
PM Shehbaz SlaSheS Petrol Price by rS18.50 Per litre for July ISLAMABAD
P
staff report
rime minister shehbaz sharif thursday slashed the price of petrol by rs18.50 per litre in order to provide maximum relief to the consumers. addressing the nation, the premier said that the government had increased the price of petrol after coming into power to meet the conditions laid forth by the international monetary Fund (imF), which were agreed by the previous pti-led government. However, as the prices are declining in the international market now, the government has decided to pass on the relief to people and, therefore, has decided to reduce the price of petrol and diesel by rs18.50 and rs40.54 per litre, respectively. the new price of petrol will be rs230.24 per litre while diesel will be
available at rs236 per litre. at the outset of his speech, pm shehbaz reiterated that the coalition government had inherited a “troubled economy ” from the previous government. “the previous government trampled on the agreement it had with the imF and laid landmines for us,” he said. the premier further added that the previous pti government, during its final few weeks, had slashed fuel prices even though the government’s coffers were empty. “this was done so our [coalition] government would fall into difficulties.” acknowledging that the decision to increase the price of petroleum products’ had burdened the underprivileged segment of society, he said: “we had no other way. we had to take tough measures.” “However, today with god’s blessing, oil prices are declining in international
markets and it is by his mercy that today we have got the chance to reduce the
prices,” he added. commenting on the staff-level agreement with the imF, pm
shehbaz appreciated Finance minister miftah ismail and his team for his part in reviving the loan facility with the global lender but hoped that the current deal would be the last one. “after this, we will try to stand on our own feet.” the prime minister said that the path ahead could be “thorny and difficult” but in the end, he said, “i reassure you that good times will come soon.” Following the announcement by the premier, the finance minister said: “pm has just announced a reduction in the prices of petrol of rs 18.5 per litre [and] in diesel of rs 40.54 per litre.” “the new price of petrol is rs 230.24 [and] diesel is rs 236 per litre from [July 15]. kerosene is reduced by rs 33.81 to rs 196.45 [and] ldo is reduced by rs 37.71 to rs 191.44, alhamdulillah,” he wrote on twitter, sharing a graph of brent crude oil prices in the international market.
‘Default’ risk recedes as IMF announces staff level agreement with pakistan g
Fund warns oF lurking dangers as turbulence grips global Financial markets KARACHI khurram husaiN
a much-awaited staff level agreement was announced by the imF on July 13, however, the statement carried dour warnings of significant challenges ahead. most importantly, pakistan’s projected external financing needs for FY 2022-23 were $35 billion as per the imF staff report issued in February of this year. according to data from finance ministry sources, FY 2022-23 will see loan repayments of $21 billion and a projected current account deficit of $12 billion. coupled with building reserves of up to $5 billion, the external financing needs could be around $38 billion. in his pre-budget press conference, Finance minister miftah ismail said, “we need $41 billion over the next 12 months” to cover the current account deficit and amortisation payments as well as to build reserve cover to three months of imports by end FY 2022-23. but this figure could include payments in the month of June 2022 as well, and may not reflect external
financing needs for FY 2022-23. the statement just released says only that pakistan faces “higher financing needs in FY23,” implying that this figure is likely to be revised upward by the time the memorandum on economic and Financial policies (meFp) is released following board approval. news of the agreement had begun trickling out of government circles as early as the night of July
12. the first reports hit social media and news websites (including in profit) during the day on July 13, and that same night ismail took to the airwaves on the shahzeb khanzada show to announce that an agreement has been reached on all outstanding issues with the Fund and a formal announcement is expected any minute. by the time the Fund issued its press release all
Suri’s unilateral ruling did not enjoy parliamentary immunity: SC ISLAMABAD News Desk
the supreme court has issued a detailed judgement explaining the reasons behind its decision to set aside a controversial ruling by the national assembly speaker on april 3 that dismissed the no-confidence motion against then prime minister imran khan. in the verdict authored by chief Justice umar ata bandial, the top judge stated that by dismissing the noconfidence motion against imran khan, mr suri prima facie breached his constitutional duty. Justice bandial said the april 3 ruling failed to qualify for protection of the internal proceedings of parliament under article 69(1) as it was “not the outcome of a vote in the national assembly instead, it was a unilateral decision”.
Justice bandial observed that the controversial action by the deputy speaker triggered a chain of events, the most concerning aspect of which was that it allowed the then pm to claim the constitutionally repugnant outcome of avoiding the no-trust motion without a vote by the assembly. the court’s foremost priority was the maintenance of constitutional order which could only be achieved if the assembly was restored, Justice bandial added. Cypher not Shown to Court: Justice bandial, while referring to the cypher used by mr suri to dismiss the motion against imran khan, explained that the text of the cypher was not shown to the apex court, though its contents were partially disclosed in the detailed reasons issued in support of the deputy speaker’s ruling.
the detailed reasons in addition to cabinet decision of april 2 acknowledged the need for an inquiry to establish the alleged collusion between the opposition and a foreign state. “such an inquiry into facts can, in the first place, be carried out either by a commission constituted by the federal government under the 2017 act or by a specialised commission constituted under an act of parliament or an ordinance,” Justice bandial observed. the pti’s plea that the apex court should take suo motu over the defence of national security and allegation of breach of sovereignty was without precedent, the ruling explained. moreover, the opposition members who filed the notice were granted leave to move the motion against the then pm on march 28, crystallised the constitutional right and
newspapers had already gone to print and were unable to carry the news in their print editions. the announcement released early morning on July 14 points to significant risks ahead. this was the first working day after the eid holidays and financial markets saw significant turmoil. risk premiums on pakistani bonds skyrocketed, the exchange rate dipped and yields demanded by banks in the first t-bill auction since last week’s 125 basis point hike in the policy rate also climbed relentlessly. london-based bond traders and analysts tell profit the spike in risk premium on bonds is not pakistan-specific but is happening across emerging markets, especially high yield ones, on the back of interest rate hikes by the Federal reserve as the latest data showed inflation crossing 9% in the united states. markets expected further rate hikes by the Fed, fueled by a 100 basis point hike by the bank of canada on July 13. rate hikes in advanced industrial economies suck capital out of riskier emerging markets as investor fly into the relatively safer higher yields on offer in those jurisdictions.
CONTINUED ON PAGE 05 obligation for there to be a vote under article 95(2) on the motion. this right/obligation cannot be defeated or curtailed except by a vote on the floor of the assembly, the ruling said, adding: “since the deputy speaker’s ruling unilaterally refused the right of vote granted by the constitution, no immunity under article 69(1) attaches to it and the same can be reviewed by the court.” meanwhile, Justice mazahar alam khan miankhel, who retired on July 13, in his additional note observed that the exercise of authority was a sacred trust which was violated by the president, then pm, the then speaker, the then deputy speaker and the then law minister. “whether these acts attract article 6 of the constitution (high treason) is also left open to be determined by the parliamentarians to ponder should they leave open the doors for such unconstitutional acts or take suitable measures to stop such like mess in future,” Justice miankhel suggested.
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terrorists martyr lt-col laiq Mirza after abduction: iSPr RAWALPINDI staff report Lieutenant-Colonel Laiq Baig Mirza, a highranking official of the Pakistan Army, embraced martyrdom after terrorists shot him, the Inter-Services Public Relations (ISPR) confirmed in a statement Thursday. According to the military’s media wing, on the night of July 12/13 a group of 10-12 terrorists abducted Lt Col Laiq Shaheed, who was serving in DHA Quetta, along with his cousin Umer Javed near Warchoom, Ziarat, as they were returning to Quetta after visiting Quaid-e-Azam’s residency. On receipt of information, Army Quick Reaction Forces were immediately dispatched to chase the fleeing terrorists. They were traced moving to their hideouts in the general area of Mangi Dam. Following that, a deliberate search operation was launched by security forces using Special Service Group (SSG) troops and helicopters. Resultantly, on night 13 July, a group of 6-8 terrorists was spotted while moving towards a nullah in nearby mountains by one of the teams of security forces. On sensing their possible encirclement, terrorists shot Lt Col Laiq Shaheed and attempted to flee the site. In the ensuing exchange of fire, two terrorists were gunned down by the security forces, while a huge cache of improvised explosive devices (IEDs), explosives and ammunition have also been recovered from their hideout. However, in the process, the remaining terrorists along with the other abductee, Omer, were able to flee for time being. Determined to recover the innocent civilian hostage and apprehend perpetrators, a sanitisation operation in the area by security forces continues unabated for the last 36 hours despite bad weather conditions. Security Forces remain resolute to thwart such cowardly attempts at sabotaging the peace, stability and progress of Balochistan, the ISPR said.