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Wednesday, 20 July, 2022 I 20 Zil Hajj, 1443 I Rs 15.00 I Vol XII No 379 I 12 Pages I Lahore Edition

CoalITIon huddlE rESolvES To ComPlETE TEnurE ‘ComE whaT may’ g

ALLIES LASh ouT AT ShEhBAz For FAILurE To CoNTroL INFLATIoN, PrICE hIKE

LAHORE

T

Mian abRaR

hE ruling coalition Tuesday decided not to dissolve the National Assembly (NA) in response to the PTI’s fresh demand for holding early general elections and to continue and complete the stipulated timeframe of the National and Provincial Assemblies. The decision was taken at a meeting held here and chaired by Prime Minister Shehbaz Sharif and attended by PDM chief Maulana Fa-

g

DAWAr uNhAPPy WITh PM oVEr DELAy IN ‘JuSTICE’ To ALI WAzIr

zlur rehman, PPP Co-chairman Asif Ali zardari and other key political leaders. The meeting was held to review the political situation in wake of the PTI’s thumping victory in the crucial Punjab by-elections held on Sunday. Informed sources in the PML-N told Pakistan Today that during the meeting, PPP leader Asif zardari and Maulana Fazl stressed Prime Minister Shehbaz Sharif and other PDM leaders to join hands and make joint efforts continue as any immediate elections would result in landslide victory of the PTI. “Asif zardari also assured the meeting that

he would not only manage the upcoming election of Chief Minister Punjab and provide adequate number of lawmakers to support hamza Shehbaz to stay chief minister but he would also make sure to help Prime Minister Shehbaz Sharif to continue as premier,” a source told this scribe requesting not being identified. The source said that after heated debate, majority of the leaders endorsed the views of zardari and Fazlur rehman and it was decided that the incumbent coalition government would not to opt for early elections anytime soon and instead complete their term till August 17, 2023. The meeting was attended by the top leadership of the coalition allies, including PPP cochairman Asif zardari, PDM chief Maulana Fazlur rehman, JWP leader Shahzain Bugti, MQM-P’s Khalid Maqbool Siddiqui and a number of other leaders. During the meeting, the allied parties lashed out at the PMLN-led federal government over the rising inflation. The sources told that MQM-P, Awami National Party (ANP), and MNA Mohsin Dawar lambasted the government over its failure to control inflation. Speaking on the occasion, former Karachi Mayor and MQM-P leader Wasim Akhtar asked Prime Minister Shehbaz Sharif to take measures against inflation, saying that it was weakening a ‘strong political unity’. During the meeting, MNA Mohsin Dawar also lashed out at the Prime Minister over failure to give ‘justice’ to Ali Wazir. “Mian Sahab, if you cannot control inflation and cannot give justice to Ali Wazir, so why did you come into power,” he asked PM Shehbaz Sharif.

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SC questions PTI’s move to quit parliament ISLAMABAD Staff RepoRt

Supreme Court on Tuesday criticised the Pakistan Tehreek-e-Insaf’s (PTI) “walk over” to the incumbent government in the parliament. hearing a petition filed by the former ruling party regarding amendments to the National Accountability Bureau (NAB) law, the Chief Justice of Pakistan (CJP) umar Ata Bandial inquired into PTI’s restraint from parliamentary debate on recent amendments to the National Accountability ordinance (NAo) 1999. The CJP implored the PTI Vice President Shah Mahmood Qureshi, as Justice Syed Mansoor Ali Shah heard former prime minister and party Chairman Imran Khan’s petition against the amendments to the NAo. Advocate Khawaja haris appeared on behalf of the ousted premier. The Court also sought a re-

sponse from the government over a petition moved by Pakistan Tehreek-e-Insaf (PTI) seeking to declare recent amendments to laws governing National Accountability Bureau (NAB) as unconstitutional. A three-member bench, headed by Chief Justice umar Ata

Bandial, while conducted the hearing on the petition, recalled that Law Minister Azam Nazeer Tarar said the new amendments are as per the rulings of the apex court. however, the counsel for PTI rejected the notion and said the changes were made in a hurry and

are against the ruling of the court. At this, the judge remarked his court can nullify laws that are enacted to benefit certain individuals but stressed that hurdles should not be created in the functioning of the government as civil servants are hesitant to make decisions out of fear of NAB. The court said anyone who commits corruption should be severally dealt with but an administrative decision taken by him should not also be set aside. SC adjourned the hearing till July 29 and sought a reply from the government on the petition. The government passed the National Accountability (Amendment) Bill, 2022, in the National Assembly and the Senate in May. President Arif Alvi rejected the bill and urged further consideration, prompting the government to pass it anew in a joint sitting of Parliament.

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Shehbaz urges ECP to announce ‘long delayed’ verdict in PTI funding case ISLAMABAD Staff RepoRt

A day after Pakistan Tehreek-i-Insaf (PTI) swept byelections in Punjab, and is likely to form the new government there on July 22, the prime minister told the Election Commission of Pakistan (ECP) that the timing was ripe to announce the “long-delayed” verdict in a 2014 funding case against the party of his chief rival and predecessor Imran Khan. Filed in November of that year by Akbar S. Babar, a founding member of the party, the complaint has come to be called the prohibited funding case which pertains to allegations the party received funds from dubious, prohibited, illegal and undeclared sources. In 2017, Supreme Court ruled that political parties could not receive funds from foreign companies. Since 2014, the commission and its scrutiny committee have heard the case over 150 times, with PTI seeking adjournment on some 54 occasions. “For long has Imran Niazi [sic] been given a free pass despite his repeated [and] shameless attacks on state institutions,” Shehbaz Sharif, increasingly cornered in his own party which he heads after the dismal results of the by-poll, declared. “Impunity given to him [Imran] has hurt the country,” he said. Pakistan has some of the strictest laws against the foreign funding of political parties. The Elections Act, 2017, prohibits not only “… any aid, financial or otherwise, from any foreign government or political party of a foreign country …” but also “… any portion of its funds from foreign nationals.” Besides a very strict definition of a “Foreign-Aided Political Party”, the law prescribes a very severe penalty for a party which is found to be foreign-aided by the ECP and so upheld by the Supreme Court. Such a party, according to Elections Act, 2017, shall stand dissolved and all its elected members in the national and provincial assemblies and even local governments shall be disqualified from holding their membership. Also, the head of the party or their designated party official has to certify the statement of accounts to be accurate and that no funds were received by the party from any source prohibited under the law. This certificate alone can lead to serious consequences for the party head if the information contained in the statement of accounts is not accurate. The tweet comes a day after Pakistan Muslim League-Nawaz (PML-N) vice president Maryam Nawaz made a similar demand to the electoral agency.

Rupee, PSX plummet to ground as economic meltdown rages on ISLAMABAD Staff RepoRtS

Pakistan’s economic indicators suffered a massive hit on the second consecutive day on Tuesday as the stock market saw a bloodbath in the backdrop of a historic fall in rupee which closed at rs222 against the greenback. According to the details, the rupee shattered all previous records on Tuesday, falling to a new low of 224 against the dollar in afternoon interbank trade, before closing at 221.99. According to State Bank of Pakistan (SBP), the local currency fell by rs6.79 in the interbank market, depreciating by

3.06% against yesterday’s close of rs215.20. Meanwhile, intense selling pressure was witnessed at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index lost more than 900 points. The market’s decline coincided with the rupee falling to an all time low against the dollar for a second consecutive day. Initially according to the PSX website, the KSE-100 Index opened at 41,367.11 points and went up 176 points. however, after 10:30am the bears took control and the market began sliding. At around 3:25pm, the index hit 40,313.78 points — a decline of 1,053.33 points or 2.55 per cent. The index closed at

40,389.07 points, down 978.04 points or 2.36 per cent. It is pertinent to note that yesterday the benchmark KSE-100 Index dropped into the red zone after shedding over 700 points during the first few hours of intraday trade, with banking, cement, and fertilizer as the top negative contributors on the bourse at the time. Mettis Global Director Saad Bin Naseer said the rupee was seeing a decline due to “panic buying [of the dollar] by banks in the interbank market”. he said that “panic is setting in the financial markets following fears of change in [the] government in Punjab and Centre” after the by-polls on the

province’s 20 seats. Alpha Beta Core Chief Executive officer Khurram Schehzad, however, pointed out that to factors beyond the domestic political and economic situation. he attributed the rupee’s rapid decline to Fitch’s downgrading and the global trend. “The dollar is getting stronger in the global market against almost all the world currencies. The Pakistani rupee is not an exception,” he said. It may be mentioned here that this was the highest day-on-day depreciation after June 26, 2019 when the currency fell by rs6.80. Meanwhile, the local currency’s shock slide within a matter of a few hours

drew sharp criticism from various corners. Former prime minister and PTI Chairman Imran Khan said that when he was ousted via a vote of no confidence, the dollar stood at rs178. “Today it is rs224 and in free fall despite IMF agreement. The economic meltdown shows Sharifs never had any expertise in running economy or administration. Their only expertise is looting, money laundering and getting Nros,” he added. “We need a full time SBP governor and [Minister for Finance] Miftah Ismail to refocus on this issue. Free fall of rupee guarantees economic disaster and free fall of government too,” Journalist Mohammad Malick said.


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