Epaper_22-07-21 KHI

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Thursday, 21 July, 2022 I 21 Zil hajj, 1443 I Rs 15.00 I Vol XII No 380 I 12 Pages I Karachi edition

PM convenes eMergency Meeting over econoMic situation

ISLAMABAD shahzad paracha/staff reporter

P

RIME Minister Shehbaz Sharif has called an emergency meeting on the economic situation of the country, the PM Office said on Wednesday. The meeting will be attended by the economic team and top officials related to the Pakistan’s economic sector. The meeting will evaluate the factors for the recent hike in the value of dollar and possible measures that can be taken to address it. The prime minister’s economic team will also give a briefing on the country’s economic situation and the reasons for devaluation of the rupee against dollar. PoLITICaL sITuaTIoN BehINd RuPee dePReCIaTIoN: The State Bank of Pakistan

has termed the current political situation as one of the reasons for depreciation of rupee against dollar. Officials of the State Bank of Pakistan said that the recent increase in the value of the dollar is not due to any precondition of the IMF, but Pakistan’s import bill and political instability. The by-election results have further deepened the uncertainty however officials refuted the impression that the central bank is doing nothing to control the value of the dollar. SBP officials said that the current financial year 2022-23 will be the most difficult year in terms of the economy. Inflation in the country has definitely increased due to the exchange-rate but the foreign exchange reserves will decrease further if we control the value of dollars, officials added.

State Bank officials further said that Pakistan has taken tough decisions despite political rhetoric. Now we have to take a couple of more steps regarding further tightening the policy rate besides strictly implementing the monetary and financial measures. Officials said that the IMF has no problem in working with any government. The IMF can also work with the caretaker government and the IMF board will approve the staff level agreement at the end of August. Officials said that there was uncertainty in Pakistan’s policies since February, which badly hurt the confidence of the IMF. “The IMF was unhappy over giving the subsidy on petrol but we persuaded the fund team with great difficulty as they have the point of view that no country is giving subsidy on petrol. Presently, all parties agree to deal with the IMF except the PTI, although the Imran khan party negotiated the IMF program, officials added. Pakistan has fulfilled all the promises including the increase in petrol prices and the situation has improved now compared to February this year, officials added. Pakistan’s external debt ratio is low compared to Sri Lanka and other countries. Sri Lanka defaulted because they failed to increase interest as well as exchange rate in time and we should not use the word default for Pakistan. Officials said that we have to separate politics from economy and Pakistan has to stay with the IMF and there is no other option. Officials also said that the State Bank and the government are working together to bring money in Pakistan. Friendly countries shall surely transfer the amount to Pakistan.

PUNJAB CM ELECTION

PTI accuses ruling coalition of horse trading; PML-N refutes claim ISLAMABAD staff report

Pakistan Tehreeke-e-Insaf (PTI) Chairman Imran Khan Wednesday accused the ruling coalition of repeating horse-trading, saying that PTI MPAs were being lured with money in a bid to win the election of leader of the house, scheduled for July 22 – a claim refuted by the PML-N government later in the day. “Today Lahore is seeing a repeat of the Sindh House horse-trading that happened in Islamabad with up to Rs50 crores being offered to buy MPAs,” former prime minister and PTI chairman Imran Khan wrote on his official Twitter handle. He claimed that the main architect behind this was PPP co-chairman Asif Ali Zardari, who he said “gets NRO for his corruption and purchases people with looted wealth. He shd [should] be jailed.” The former premier said this is not only an attack on our democracy but also on moral fabric of our society. “Had SC (Supreme Court) taken action and debarred these turncoats for life it would have acted as deterrent,” he deplored. “Don’t Handlers of US regime change conspiracy’s Imported govt realise severe damage being done to nation?” Sindh House in the federal capital came to limelight in March when several ruling PTI lawmakers had announced that they would not follow the party line in the National Assembly ahead of the voting on no-confidence motion against then prime minister Imran Khan that saw his ouster from power after one of the dissidents revealed that at least 24 MNAs were staying the infamous location. Meanwhile, former information minister and PTI leader Fawad Chaudhry, while addressing a press conference in Islamabad today, has said that each PTI MPA

is being offered Rs350 million to change their loyalties. “Asif Ali Zardari is offering this money. He has set up a marketplace for buying and purchasing MPAs. Where do you want to take this country? We demand that Atta Tarar, Zardari and Rana Sanaullah should be put in prison,” he added. The PTI leader said that his party will also approach Supreme Court on Thursday in this connection. Fawad said that the money on offer by Zardari is from the Sindh treasury. “They don’t have money to clean nullahs in Karachi but they are offering money to our MPAs.” He said that people of Pakistan will never accept such illegal practices, urging the apex court to take notice of the situation. “You’re inviting further chaos by doing this. Our economy is already in a very bad shape. Punjab chief minister’s election should be done according to law,” he added. Talking about his party’s number game in Punjab Assembly, Fawad said

the PTI had the support of 188 MPAs and after recounting, the number might jump to 189 or 190, adding that they will comfortably get Speaker Pervaiz Elahi elected as the new chief minister of the province. “If the Sindh House episode was noticed by the institutions then we would not have seen this today,” he remarked. Fawad further said that each Punjab Assembly lawmaker belonging to PTI is scrutinised, but when such a huge amount is offered, not many people can resist. The development comes days after the PTI’s stunning win in high-stakes polls on 20 Punjab Assembly seats, making a grand arrival into the enemy’s territory as it pierced through some of the arch-rival PML-N’s pocket boroughs in the party’s home ground. Winning the bellwether province with a landslide lead, PTI not only paved the way to wrestle back the heartland’s reins from CM Hamza Shehbaz but also set the course for triggering a domino effect for the shaky federal government. Tarrar rejects allegations: Punjab Home Minister Ataullah Tarar later rejected the PTI allegations of ‘horse-trading’ allegations, saying that the PML-N has not offered any money to Members of Provincial Assembly (MPAs) ahead of Punjab CM elections. Tarar said that he rejects all the allegations levelled against him by the PTI leader Fawad Chaudhry, challenging the former information minister to testify his claims on oath on the Holy Quran. Speaking about the PTI leader’s claims about the Rahim Yar Khan MPA, Ata Tarar said that Chaudhry Masood Ahmed had resigned in April and lambasted the opposition party for not being aware of its own members.

CONTINUED ON PAGE 05

Banks quoting upwards of Rs241 to retire LCs of oil imports from June KArAchI ariba shahid

Profit has been able to confirm that Letters of Credit (LCs) for oil shipments that landed in May and June are being retired at rates above Rs241 against the dollar. “Even state-owned banks, which usually do not charge a large spread between the interbank, are charging such rates,” said a major importer. Sources confirm that a major

importer retired its LC at the rate of Rs238/USD earlier this morning. Later in the afternoon, a large state-owned enterprise has retired its LC of $70 million at the rate of Rs242/USD. This is for petrol imported in May and June. “Banks are now more concerned with retiring old LCs instead of opening new ones,” says the source. The dollar closed at Rs221.99 on Monday after depreciating 3.06 per cent in a day.


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