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Wednesday, 12 January, 2022 I 8 Jamadi-al-Sani, 1443 I Rs 15.00 I Vol XII No 195 I 12 Pages I Karachi Edition

Shehbaz SlamS govt’S economic performance in na, SayS ‘pti haS drowned the country’S economy’

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eader of the opposition in the national assembly (na) Shehbaz Sharif slammed the government’s economic performance in na, while claiming that the country’s economy was being pawned away for $1 billion planning and development Minister asad umar and Shehbaz traded barbs on tuesday. While Shehbaz criticized the economic performance of the government, umar slammed the pML-n for leaving the country’s economy in dire straits. the exchange took place on the floor of the na as the House began a debate on the controversial finance (Supplementary) Bill, generally known as the mini-budget. it is pertinent to note that the bill is one of the requirements pakistan has to meet under the programme agreed with the international Monetary fund (iMf) in July 2019. if passed, the legislation will pave the way for the disbursement of a $1bn tranche. as the matter was taken up for debate in the na, Shehbaz questioned how it was possible for the country to be an atomic power on one hand and be holding a begging bowl in the other by stating that “the finance

minister had said that imran Khan would stand up to the iMf […] he had said that a mini-budget would not be introduced and that there would be a tax-free budget. But seven months later, what has happened?” assailing the government, the pML-n president said that the ruling pti had drowned the country’s economy and was also endangering its security. He further said that the pti government only excelled in making u-turns. He said that taxes worth rs350 billion were being imposed on the people who were already facing inflation and unemployment. Shehbaz warned that the opposition would protest in the house and “on the roads” if the government tried to bulldoze such a bill. “they are selling out pakistan’s economy and freedom for $1bn.” He called on the government to withdraw the controversial finance bill. “We have our political differences … but bring another bill and we will support that.” He further said that the pti used to claim that it couldn’t see any poverty in Khyber pakhtunkhwa. However, their recent defeat in the local government elections must

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have opened their eyes, he said. He went on to state that a nation that was habitual of begging could never progress. “Handouts, aid and dole outs will never be able to strengthen a society and make it stand on its own two feet … for that you have to work hard.” He further accused the government of ignoring the opposition’s input due to “ego”. “they consider themselves einstein.” Shehbaz went on to state that the country’s citizens don’t have money to pay their children’s school fees, but the ruling party was oblivious to the issues being faced by the middle-class. “the day is not far where a horde of people, frustrated due to poverty, unemployment and inflation, will descend and sweep away the country’s most inefficient and corrupt government.” responding to Shehbaz’s criticism, federal planning and development Minister asad umar said the leader of the opposition began his tirade by saying that the nation was being enslaved to the iMf. “probably the news hasn’t reached him yet that his government sealed deals with the iMf four times,” he said. the minister further said that Shehbaz should also recall the situation at the end of the pML-n’s tenure. “i was standing in this same hall. those were the early days of 2018,” he said, adding that pML-n’s Miftah ismail was the finance minister at the time. “in this hall, i had said that the economy was drowning, that the titanic was about to hit an iceberg. and Miftah ismail had agreed,” umar said. “these were the streams of milk and honey that they left behind,” he said. the minister further said that the opposition had advised that work be initiated on a charter of economy and “it be signed by all”. But when pML-n Supremo nawaz Sharif was the prime minister, the government never signed a charter of economy with the opposition, he said. News Desk

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China and Saudi Arabia saved Pakistan from default: PM g

SayS effortS on to give a Spur to export induStry ISLAMABAD MiaN abrar

prime Minister imran Khan has said that the government is making strenuous efforts to remove all hurdles and bottlenecks faced by exporters, investors and businessmen and to give a spur to the exports industry. addressing the inaugural ceremony of 14th international Chambers Summit 2022 arranged by the rawalpindi Chamber of Commerce and industry (rCCi) here on tuesday, he said that exports and tax collection were the two main driving agents to boost the country’s economy He said that in the past, no attention was paid to these sectors of the economy which were vital for wealth creation adding that the exports sector was stagnant in the past, but the present government was providing all facilitation to the exporters and said that exporters should be encouraged

IMF asks Pakistan to renegotiate loan programme finance Minister Shaukat tarin revealed on Monday that the international Monetary fund (iMf) has asked pakistan to renegotiate its loan programme in return for getting three weeks of extension in the process of implementing prior actions but the government did not agree to this. tarin revealed the recent development during a meeting of the Senate Standing Committee on finance, which completed clause-by-clause reading of the finance Supplementary Bill 2021, introduced to impose rs375 billion worth of new taxes under a condition of the iMf loan programme. tarin stated that the sixth review date was January 12 but pakistan took a three-week extension since both bills were in parliament for approval. “When i approached them for extension, they (iMf) asked to renegotiate the programme,” he stated. the minister stated that he did not agree to renegotiations, fearing that the iMf might impose new conditions. He added that the iMf had now agreed on January 28 or January 31 date for taking pakistan’s case to its board and “the final date

will be conveyed to us soon”. the iMf’s desire to seek renegotiations suggests that the government does not have much time to meet all prior actions, posing it a challenge to secure approval of the SBp amendment Bill 2021 from the Senate before the new tentative dates. under article 70 (3) of the Constitution, any house of parliament has 90 days to approve a bill from the date of introduction. the national assembly Standing Committee on finance on Monday approved the SBp amendment Bill, which once approved by the national assembly, will be laid before the Senate for approval. if the Senate approval is not secured this month, it could create problems for the government, which is also facing a new challenge in the shape of replacement of iMf Mission Chief to pakistan ernesto rigo. the sixth review was scheduled to be approved by the iMf board in June last year but has been lingering on due to delay in implementing the iMf’s conditions. it is pertinent to note that the Senate Standing Committee on Monday finalised recommen-

dations for the finance Supplementary Bill 2021 and the report would be laid in the committee for final review and approval by committee members on tuesday. the standing committee rejected a budget proposal to publicly disclose the asset declarations filed by politically exposed persons, civil servants and their spouses, except the armed forces. tarin promised that he would look into the proposal again in light of the Senate committee recommendation. according to the proposal, the details submitted by high-level public office-holders and civil servants will be made public to ensure transparency and the government will omit the secrecy clause from the tax law to ensure public disclosure of the information. the Senate panel unanimously rejected the tax imposed on “naan” and “bread”, including the one prepared in bakeries. “Bread is consumed by all classes of society, and children of the middle class society use them for lunch,” Senator farooq naek stated, while debating the proposed amendment. News Desk

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with awards and other incentives. the prime minister said the government is constantly endeavouring to introduce incentives for ease of doing business and remove all bottlenecks which would help increase businessmen’s profits and develop a tax culture. He also termed the introduction of the mini-budget as an effort to document the economy. the prime minister said, “no government in pakistan ever faced such big challenges like the fiscal and current account deficits. if our friends, Saudi arabia and China would not have helped us, we would have defaulted due to our liabilities. We had no reserves to stem the depreciation of the rupee.” He said the country’s economy was going through a stabilization phase, but unfortunately, then came the Covid 19 which posed the century’s biggest challenge.

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more inside

Justice Umar Ata Bandial to take oath as CJP on Feb 2 STORY ON PAGE 02

naB writes letter to uK govt for handing over Salman Shehbaz STORY ON PAGE 03

COAS for missionoriented training to ensure combat readiness in face of emerging threats, challenges STORY ON BACK PAGE


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