Epaper – July 19-2022 ISB

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01 FRONT PAGE (19-7-2022)_Layout 1 7/19/2022 1:15 AM Page 1

Tuesday, 19 July, 2022 I 19 Zil Hajj, 1443 I Rs 15.00 I Vol XII No 378 I 12 Pages I Islamabad edition

PTI's surPrIse wIn: CoalITIon leaders vow To saIl, sInk TogeTher LAhOre

T

Staff RepoRt

op leaders of the major coalition parties including the pml-n chief nawaz sharif, ppp cochairperson asif ali zardari and Jui-F head maulana Fazlur rahman agreed on monday that a joint political strategy would be formulated in consultation with all the allies and no party would take a solo flight in wake of the pti’s surprise victory in punjab by-polls. the trio held a telephonic conversation to discuss the political situation in wake of major setback to the coalition parties in the punjab by-polls. according to well-placed sources, the three leaders reviewed the defeat of pml-n candidates during the by-elections and discussed the future political strategy in the province and at the center. minister for information and broadcasting marriyum aurnagzeb has said prime minister shehbaz sharif had invited leaders of pakistan democratic movement (pdm) and other government’s allied parties to his residence in lahore on

tuesday noon for an important meeting. the meeting at the 96-h model town would review the overall situation in the country, the minister said in a news statement. during the meeting, the government’s coalition partners and pdm leaders would hold consultation on important matters. a day earlier, pml-n supremo and former prime minister nawaz sharif also said that the ruling party paid the price of ‘difficult decisions’ taken by the coalition government that came into power on the back of imran khan’s ouster through no-trust vote in parliament. source privy to the development said that nawaz sharif, who has been living in london for his ‘medical treatment’ since 2019, contacted his younger brother prime minister shehbaz sharif and chief minister hamza shehbaz – son of pm shehbaz – and directed them to call an emergency meeting of the party to discuss the future course of action in the context of the results of yesterday’s by-elections. the party sitting was also held on monday to discuss the situation. the party sources said that the meeting re-

solved that the decision to award tickets to pti turncoats, high inflation due to record increase in the prices of fuel and electricity among other reasons resulted in the thumping defeat to the ruling pakistan muslim league nawaz (pml-n) in sunday’s punjab by-elections. the rival pti won the race for the coveted punjab battlefield hands down last night, clinching 15 provincial assembly

seats out of the 20 up for grabs and dealing a stunning blow to the 13-party alliance led by the pml-n on its home turf. the detailed report on by-polls defeat was presented to the high command of pml-n in a meeting chaired by prime minister shehbaz sharif in islamabad on monday. punjab chief minister hamza shehbaz, federal ministers rana sanaullah,

PTI set to elect its Chief Minister Punjab on July 22 ShAhAB OMer after winning the by-elections in punjab, pakistan tehreek-e-insaf is once again in a position to form the government in the province, while 186 votes are needed to get a simple majority in the house. however, after the by-polls on 20 seats in punjab, the second phase of the chief minister’s election will be held on July 22. STaTuS of PMLN IN PuNJab aSSeMbLy: according to the unofficial results, hamza shahbaz has now received the support of 178 members after winning four seats in the by-elections. the number of pmln members in the punjab assembly was 165, which reduced to 162 after the resignations of two members and the disqualification of one member. after winning four seats, the government coalition includes 166 members of pml-n, 7 members of pakistan peoples party parliamentarians, one member of rah haq party and 4 independent members. PTI status in Punjab assembly: on the other hand, after the victory of pakistan tehreek-e-insaf on fifteen seats, the number of members supporting chaudhry pervaiz elahi has

reached 188 in which 178 members of pti and 10 members of pmlQare included. however, the newly elected independent mpa [member punjab assembly] rafi bukhari has not yet decided to support anyone while chaudhry nisar has kept himself apart from the election process. however, pti will lose one of its vote due to deputy speaker dost mohammad mazari becoming the presiding officer in the leader of the house election whereas the candidate for the slot of chief minister chaudhry pervez has more than the required number of 186 members whereas to further strengthen its po-

sition, pti is also claiming to have contacts with 4 independent members who were associated with pmln. speaking to pakistan today, a senior pmln leader admitted on the condition of anonymity that the pti had in fact dispelled the impression in the general elections of 2018 that lahore was a stronghold of the pmln and contrary to expectations, pakistan tehreek-e-insaf emerged as a major party in punjab in 2018 as well. he added that the by-elections of 2022 have now confirmed that the grip of pml-n has weakened not only in lahore but also in punjab. the said leader further claimed that the reason for pmln’s defeat at

IMf seeks assurance for implementation of reforms agenda g

Fund’s executive board expected to take up report on combined 7th, 8th review For approval in late august ISLAMABAD Shahzad paRacha

the international monetary Fund (imF) on monday appeared to be concerned over the political development in pakistan, asking for assurance of the implementation of reforms promised during technical negotiations.

according to media reports, the lender said that any delay in its implementation could lead to a delay in the board meeting which will approve the release of a $1.17 billion loan tranche sources said that imF can negotiate with any government in pakistan and does not feel any problem in the continuation of the extended

Fund Facility (eFF) programme during the caretaker set up. “pakistan can get funds from saudi arabia under sdr quota and saudi arabia can transfer its imF loan quota to pakistan,” they said, adding that there are examples of the sdr quota being transferred in the past. it is pertinent to mention here

its home ground was not only the displeasure with the local leaders of the party but also the non-activeness of the allies in the elections and the presence of a compromised government in the federation. “in punjab, pml-n was forced to ignore its workers and issue tickets to defecting members. disgruntled members, including asif malik bha, irfanullah khan niazi and aamir iqbal shah. irfanullah khan niazi and aamir iqbal shah bid good-bye to pmln on one hand and on the other hand defeated pml-n candidates by contesting by-election on pti ticket,” he said. the said leader believed that one of the major reasons for the defeat was pmln president and prime minister mohammad shahbaz sharif not visiting the constituencies due to the ban of the election commission. “due to the new candidates in many constituencies, the local leadership of pmln could not be active in the election campaign in the way that tehreek-e-insaaf was. if we look at the election results of pmln’s losing candidates as a whole, it appears that pml-n, pakistan people’s party, Jui(F) have failed miserably to make any significant gains.

CONTINUED ON PAGE 05 that the Fund’s executive board is expected to take up pakistan’s stafflevel report on the combined seventh and eighth review for approval in the last week of august. sources said that pakistan has to deregulate petroleum prices besides implementing taxes on petroleum products is also necessar y. in addition, immediate implementation of nepras decisions is part of the staff-level agreement. they said that the authority’s decision on fuel adjustment must be implemented without delay. especially because there have been violations of agreement and deviations from policy measures in the past due to which pakistan’s imF program suffered from problems.

khawaja asif, marriyum aurangzeb, azam nazir tarar and senior party leaders — sardar ayaz sadiq, malik ahmed khan, attaullah tarar, sardar owais leghari, rana mashhood — and others attended the meeting. the huddle discussed the factors that led to the defeat of pml-n against its rival pti in the polls and future course of action including possible options to save the cm hamza-led punjab government. the pti’s victory has not only dealt a blow to pml-n’s narrative of performance in punjab but has also turned the tables on the politics of electables. the chief minister’s elections, scheduled to be held on the apex court’s orders, will now see hamza probably losing his office and pervaiz elahi’s ascension to power as cm punjab. currently, the pml-n’s combined strength is 175 and with three more votes pml-n’s total tally will rise to 178, while the pti on its own will have a strength of 178, excluding the vote of estranged pti mpa also the deputy speaker dost muhammad mazari.

CONTINUED ON PAGE 05

Political uncertainty leading to economic chaos g

programme size increased by $1b to total $7b ISLAMABAD Staff RepoRt

The country’s political uncertainty with ongoing tussles over the recent elections contributed to the rise of an already climbing dollar as well as a blood bath in the stock market. According to the details, the dollar continued its relentless upward march against the rupee on Monday with the greenback gaining Rs4.25 in interbank trade whereas the benchmark KSE-100 Index appeared bearish from the opening bell and immediately dropped into the red zone after shedding over 700 points during the first few hours of intraday trade, with banking, cement, and fertilizer the top negative contributors on the bourse at the time. The KSE-100 index initially opened on a negative note. By 1:40 PM, the top bourse stood at 41,334 points, down by 740 points or 1.76 percent. Market experts are of the view that the political uncertainty taking roots once again may potentially impact the International Monetary Fund’s (IMF) bailout program. Meanwhile, according to the Forex Association of Pakistan, the dollar was trading at a record Rs216 against the local currency at 3:12pm, up Rs5, or 2.4 per cent, from Friday’s close of Rs210.95. The dollar eventually closed at Rs215.2, with the local currency depreciating 1.97pc, according to data shared by the State Bank of Pakistan (SBP). Similarly, the price of the euro was increased by Rs7.66 and closed at Rs218.23 against the previous day’s closing of Rs211.57. The Japanese Yen gained 04 paisa to close at Rs1.55, whereas an increase of Rs7.60 was witnessed in the exchange rate of the British Pound, which was traded at Rs257.24 as compared to its last closing of Rs249.64. The exchange rates of Emirates Dirham and Saudi Riyal increased by Rs1.12 to close at Rs58.58 and Rs57.30 respectively. Meanwhile, Pakistan Tehreek-e-Insaf (PTI) Central Secretary General Asad Umar lashed out at the government for its failure to rein in the fast depreciation of rupee against dollar. In a statement on Monday, Asad said that Pakistan suffered the most due to the poor decisions of the imported government, as Pakistani rupee hit a new low against the US dollar. He attributed the rupee free fall to the political uncertainty, which he said was bleeding the economy and inflicting tremendous pain on the people. “Time to stop this badly conceived, badly executed and totally gone wrong experiment,” he added.


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