Tag: PTI government

  • Pakistan outperforms leading stock markets, including Germany, Russia

    Amid efforts by Prime Minister (PM) Imran Khan’s team to stabilise the country’s economy, Pakistan has outperformed some of the world’s leading stock markets, including those of Germany, Sweden, Russia and Ireland.

    According to Bloomberg, Pakistan’s stock market surged by 30% (almost 10,000 points) during the past three months, outperforming the leading stock markets. Ireland’s stock market rose by 19%, followed by Russia’s RTS Index with a 16% increase, Sweden OMX Stockholm 30 with 14% and Germany’s DAX Index that increased by 13.9%, during the same period of time.

    Pakistan’s KSE-100 Index has advanced to the highest level in seven months, after falling to the lowest in almost five years in August, amid attempts by the government to stabilise the economy with a $6 billion loan from the International Monetary Fund (IMF) after a deficit blowout.

    At the same time, bond yields have begun to fall after peaking around 14% mid-year, making debt investments less attractive.

    Even over a week after the report, the stock market remains positive and continues its upward trend. On Tuesday, it touched over 40,000 points in the beginning trade hours. This came a day after the stock exchange gave the highest monthly return in over 6.5 years as the benchmark index rallied past 40,120 points.

    The upward trends in the market, coupled with Moody’s — financial services company — upgrading credit rating of Pakistan, have boosted the confidence of investors. The collective response and profits for traders and investors are making the local market lucrative for prospect interests within and without the country.

    This has materialised also in figures of net-buyers. More people are currently buying shares compared to those selling them.

    According to Samaa, Moody’s expects the current account deficit of Pakistan to continue narrowing in the current and next fiscal year, averaging around 2.2% of the GDP. It was more than 6% in the fiscal year 2018 and around 5% in the fiscal year 2019.

    The stock market had investors pulling out their funds since it plummeted to below 29,000 points in August, owing to the political instability causing negative sentiment and pushing stocks to the verge of a crash. Contrary to the erstwhile beliefs and speculations, the market hit on Monday its highest benchmark index in over 6 months, while the ROI were recorded to be the most since May 2013.

  • Imran govt admits obtaining $10 billion loan within over a year

    Imran govt admits obtaining $10 billion loan within over a year

    The Prime Minister (PM) Imran Khan-led government has admitted to have obtained a total of $10.37 billion debt from different countries and international lenders up until September 30, this year.

    In a written reply to a question in the National Assembly, Minister for Economic Affairs Hammad Azhar said the Pakistan Tehreek-e-Insadf (PTI) government secured $10.37 billion from various governments and international institutions from August 14, 2018 to September 30, 2019.

    The government, during this period, received $1.54 billion from China, $151.79 million from Saudi Arabia, $68.6 million from France, $0.4 million from Germany, $62.48 million from Japan and $0.01 million from Kuwait.

    It also obtained a total of $991.2 million loan so far from International Monetary Fund (IMF) during this period.

    The government received a total $2.751 billion from multilaterals including $997.45 million from Asian Development Bank (ADB), $23 million from Asian Infrastructure Investment Bank (AIIB), $155.04 million from International Bank for Reconstruction and Development (IBRD), $556.05 million from International Development Association (IDA), $6.14 million form Islamic Development Bank (IDB), $922.84 million from IDB (short terms), $42.24 million from International Fund for Agricultural Development (IFAD), $8.36 million from Organisation of Petroleum Exporting Countries (OPEC Fund), and $39.8 million form ECOT/BANK.

    The government obtained $4.805 billion loan from commercial banks including $365 million from Ajman Bank, $2.235 billion from Consortium of Chinese banks (ICBC, CDB, BOC), $150 million from Citibank, $410 million from DIB/Noor, $195 million from DIB, $500 million from Emirates NBD, $300 million from ICBD and $650 million from Credit Suisse.

  • Punjab info minister says ‘Buzdar should be praised like Sher Shah Suri’

    Punjab Information Minister Fayyazul Hassan Chohan has said that Chief Minister (CM) Usman works silently without setting up any camp offices and consequently reducing the provincial government’s expenses by 60 per cent, therefore, “he should be praised like Sher Shah Suri”.

    Suri was the founder of the Suri Empire in the northern Indian subcontinent, with its capital in Sasaram in modern-day Bihar.

    Addressing a press conference on Tuesday, Information Minister Chohan asserted that the former government caused a loss of $21 billion to the national exchequer and more than 2,000 officials were appointed for the security of then CM Shehbaz Sharif’s relatives.

    “He [Shehbaz] had established eight camp offices but neither of them were in Lahore,” the minister said and added that Buzdar could not be compared to opposition leaders as the former had not laundered money.

    The provincial minister said that people like Tallal Chaudhry, Daniyal Aziz and Javed Latif had earlier “taken over the system”, while Buzdar’s government has recovered loans worth over Rs10 billion in one year, allocated 35 per cent budget for southern parts of Punjab and built shelter homes for the poor.

    “The CM has allocated a huge portion of funds for the development of South Punjab in the provincial budget for the first time in the history of the province.”

    Chohan said that policies pertaining to district industry and special education were approved during Buzdar’s tenure and construction of nine universities and nine hospitals had now been started.

    “Previously, every person raised slogans against neglecting South Punjab. Now, six out of nine hospitals in the province are being constructed there. CM Buzdar can be titled as Waseem Akram-Plus, if we thoroughly review his performance within over a year.”

    He said Punjab had collected 104 per cent tax revenue that increased the province’s income up to Rs75 billion and in the first year, policies for tourism, agriculture, labour, industries, water and forests had been approved in Punjab.

    The provincial minister continued that 36 bills were approved by the Punjab government for the first time in the history of the province.

    “So-called political leaders of the Pakistan Muslim League-Nawaz (PML-N) and Pakistan People’s Party (PPP) had only grabbed government lands during their tenures,” the provincial government’s mouthpiece maintained.

  • Law ministry refuses to share details of lawyers, fee paid for Musharraf trial

    The law ministry has rejected an application seeking details of the legal team hired to prosecute former army ruler General (retd) Pervez Musharraf on treason charges, and the fees paid to them by saying that its a classified matter, thus can’t be held answerable by common citizens Geo News reported.

    According to the details, Mukhtar Ahmed Ali, the applicant, had sought the details under the Right of Access to Information Act 2017, commonly known as RTI law. Mukhtar wanted to know how judiciously the money contributed by public through their taxes is being used by the ministry.

    Mukhtar Ali said, the ministry declared him ineligible to post such inquiries. The ministry in its reply referred to a Cabinet Division notification’s issued in 1993, but it did not explain or share the contents of the notification. The reply also stated that the ministry has claimed exemption by saying it has been declared “classified, therefore, your request is hereby declined on this aspect”.

    Ali had earlier sought answers to four questions, asking for the list of the members of the prosecution team, and relevant law firms engaged for Pervaiz Musharraf’s trial under Article 6 of the Constitution and the fees paid to them.

    He further sought details of out-of-pocket expenses (e.g. travel, lodging, meal) reimbursed to them and asked for the fee break-up paid to each member of the legal team.

    After the ministry’s refusal, Mukhtar has approached Pakistan Information Commission (PIC), an appellant body set up under the RTI law for dealing with the complaints lodged by the applicants against the government.

    In a rejoinder sent to the law ministry, Mukhtar said his application has been rejected without being given due consideration as the authorities “has not even bothered to consider Article 19A and the (Right of Access to Information) Act in the course of deciding my application.”

  • Support pours in against ‘undemocratic’ rules as students take to roads across country

    Support pours in against ‘undemocratic’ rules as students take to roads across country

    Ministers, leaders of opposition parties, journalists as well as rights activists have voiced their support for marchers as students across the country take to roads for 2019 edition of the Students’ Solidarity March and press the authorities for better educational facilities.

    The marchers insist that the government must ensure the following:

    • Lift the ban and hold elections for student unions
    • Abandon privatisation of educational institutes and reverse the recent decision of school and college fee hike
    • The state should pledge free education for all
    • No more budget cuts for the Higher Education Commission (HEC) or sacking of educational staff
    • At least five per cent of the GDP should be allocated for education
    • Abolish the semester system
    • Lift the ban on students from participating in political activities
    • End the intervention of security forces in educational institutions and release all students held captive in the name of national security
    • Establish committees to investigate incidents of sexual harassment and ensure women are made a part of the setup
    • All universities should have a library, hostel and provide transport and an internet connection
    • Modernise education systems according to the modern scientific requirements
    • Set up schools and colleges in lesser developed areas and increase the quota of students coming from outside main cities
    • Establish research centres for a transition from fossil fuel energy to renewable energy in public sector universities
    • Announce April 13 as a national holiday to honour Mashal Khan

    The march on Friday was held in over 50 cities across Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, Gilgit, parts of Khyber Pakhtunkhwa (KP), Azad Jammu & Kashmir (AJK) and interior Sindh.

    Students, labourers, lawyers and rights union members all joined in as thoroughfares flooded with marchers holding banners, placards and red flags. Solidarity was also expressed with members of New Delhi’s Jawaharlal Nehru University Students’ Union (JNUSU) as protests against fee hike continues across the border.

    In a tweet, the Progressive Students’ Collective (PSC) shared the final locations for the march.

    Pakistan People’s Party (PPP) chief Bilawal Bhutto-Zardari also lent his support to the marchers.

    “The PPP has always supported student unions. The restoration of student unions by SMBB [late former prime minister Benazir Bhutto] was purposely undone to depoliticise society,” he tweeted.

    “Today students are marching in the #StudentSolidarityMarch for the restoration of unions, implementation of right to education, end to privatisation of public universities, implementation of sexual harassment legislation, right to student housing & the demilitarisation of campuses. The spirit of activism and yearning for a peaceful democratic process from a new generation of students is truly inspiring [sic].”

    Earlier in the day, Federal Minister for Science and Technology Fawad Chaudhary also came out in support of the restoration of student unions and termed the ban “undemocratic”.

    Federal Minister for Human Rights Shireen Mazari wrote:

    Among others who expressed support for student marchers were politicians including PPP’s Farhatullah Babar, former Awami National Party (ANP) parliamentarian Bushra Gohar and journalists, including Mazhar Abbas.

    Earlier, the PSC and other organisations from all over Pakistan had formed the committee (SAC) at a national level to demand the revival of student unions and other issues. Representatives of student organisations from Sindh, Balochistan, Gilgit Baltistan, KP, AJK and Punjab are part of the SAC.

    According to Dawn, over the past three weeks, SAC office bearers have conducted corner meetings in public and private educational institutions to hold the march in their respective areas. They said the Pakistan Tehreek-e-Insaf (PTI) government had left students dejected and directionless and reduced the higher education budget to almost half, bringing Pakistan into the list of countries that spend very less on education.

    Ahead of the march, scores of Pakistani student leaders studying at international universities have also voiced their support for the march.

    In an open letter addressed to the government, students have come together under the banner of the Pakistan International Students Alliance (PISA) and registered opposition to the ban on student unions.

  • ‘We’ve been told that generals never retire,’ says CJP Khosa

    ‘We’ve been told that generals never retire,’ says CJP Khosa

    Chief Justice of Pakistan (CJP) Asif Saeed Khan Khan Khosa, hearing the petition challenging Chief of Army Staff (COAS) General Qamar Javed Bajwa’s extension, has said the court was told that “generals never retire”.

    A three member bench of the Supreme Court (SC), headed by CJP Khosa and comprising Justice Mazhar Alam Khan Miankhel and Justice Mansoor Ali Shah, on Thursday allowed the federal government to grant a six-month extension to Army chief Gen Bajwa.

    In its short order the apex court directed the government to bring necessary legislation within six months’ time. The order, read out by the CJP, ordered the parliament to introduce legislation for appointment of the army chief under Article 243 of the constitution.

    He remarked that the court was observing judicial restraint and leaving the matter to the parliament. “We have reviewed several laws including Army Act 1952 and Rule 1954.”

    The court had earlier reserved its verdict in this high-profile case and directed the federal government to furnish a fresh summary of the army chief’s extension of services.

    “We were told yesterday [Wednesday] that generals never retire,” the top judge remarked as hearing resumed on Thursday.

    The attorney general (AG) informed the court that Gen Bajwa has been reappointed under Article 243, to which the CJP remarked that the government had to convince the court that it was legal.

    After arguments made by the AG and Gen Bajwa’s counsel Farogh Naseem, the bench stated that a 10-member full court will announce the short order in the afternoon, whereas the detailed verdict would be issued in the evening.

    In the meantime, the court granted Gen Bajwa permission to continue working, conditionally. It further instructed the government to prepare a fresh notification, which did not list the tenure of the extension.

  • Gen Bajwa allowed to continue serving as army chief

    The Supreme Court (SC) on Thursday granted a six-month conditional extension to Chief of Army Staff (COAS) General Qamar Javed Bajwa as it directed the federal government to furnish a fresh summary of the army chief’s extension of services.

    According to details, announcing the verdict in the COAS’s extension case, which was reserved earlier in the day, a three-member bench of the apex court, headed by Chief Justice of Pakistan (CJP) Asif Saeed Khan Khosa, sought an undertaking from the government that it would legislate on the matter within six months.

    Meanwhile, Prime Minister (PM) Imran Khan also took to Twitter to comment on the development.

    For the third day, the bench heard the petition challenging the extension. When the hearing resumed, the CJP asked Attorney General (AG) Anwar Mansoor Khan to present the notifications of extension granted to former army chief General (r) Ashfaq Pervez Kayani, as well as the notification of the retirement of Gen (r) Raheel Sharif.

    The attorney general informed the court that General Qamar Bajwa has been reappointed under Article 243, to which the CJP remarked that the government had to convince them it was legal.

    After arguments made by the AG and Gen Bajwa’s counsel Farogh Naseem, the bench stated that a 10-member full court will announce the short order in the afternoon, whereas the detailed verdict would be issued in the evening.

    In the meantime, the court granted General Bajwa permission to continue working, conditionally. It further instructed the government to prepare a fresh notification, which does not list the tenure of the extension.

  • ‘Increase in dollar rate benefits us as we only pay in rupees,’ says PTI minister

    ‘Increase in dollar rate benefits us as we only pay in rupees,’ says PTI minister

    Khyber Pakhtunkhwa (KP) Information Minister Shaukat Yousafzai has said that the increase in dollar benefits Pakistan greatly as we only have to pay in rupees, not in dollars.

    While addressing the media on Wednesday, the KP minister said that the 3 billion rupees increase in Peshawar Bus Rapid Transit (BRT) project due to rupee devaluation has not affected the national treasury, as we have paid that amount from our savings.

    “The increase in dollar value has increased the cost of BRT by Rs3 billion and at the same time helped us save over Rs3 billion because we only have to pay that amount in rupees, not in dollars”, the minister said.

    Shaukat also said that all those saying that the rupee devaluation is going to increase the amout have no idea what they are talking about.

    Watch Video:

    Meanwhile, Peshawar metro bus project misses its 6th deadline

    The Pakistan Tehreeke Insaf (PTI) led KP government has missed its sixth deadline despite announcements by the KP information minister that the project would be completed in time.

    Shaukat Yousafzai had earlier claimed that the project would be completed in 2020 and people would start getting its benefits from next year.

    He also claimed that 87% work on the mega project has been completed, adding that 30 stations had been finalised, while work on the remaining 10 stations was underway.

    Earlier, the minister had said the project would be finished by December this year, but reports claimed that the flagship project of the PTI government was unlikely to be completed in December, citing completion of only 16 stations out of over 40.

    Moreover, three bus depots made for Peshawar BRT were reportedly also under construction.

    “Even 10 per cent work has not been done on the Haytabad bus depot. No work has been done on the route from Hayatabad to Karkhano Market,” claim reports.

  • Army chief belongs at border, but he was getting his summary fixed at PM House last night: CJP

    Army chief belongs at border, but he was getting his summary fixed at PM House last night: CJP

    Chief Justice of Pakistan (CJP) Asif Saeed Khan Khosa, who is heading the Supreme Court (SC) bench hearing the case pertaining to Chief of Army Staff (COAS) General Qamar Javed Bajwa’s extension, has said that “the army chief belongs at the border, but he was getting his summary fixed at the Prime Minister (PM) House last night”.

    On Wednesday night, the federal government, aided by the military’s counsel, drafted a new summary removing all legal lacunae pointed out by the apex court earlier in the day, as it heard the petition challenging Gen Bajwa’s extension.

    For the first time, the paperwork was completed with the assistance of Judge Advocate General (JAG) Branch of the GHQ, according to The News.

    According to the publication, input from the JAG Branch was sought by the ministry concerned after the SC highlighted serious errors in the drafts presented to it following the suspension of the army chief’s extension.

    The fresh summary was inked by midnight, and has replaced the words “re-appointment” with “extension in service”. Once finalised, the summary was sent to the federal cabinet through a circulation process late on Wednesday night and then submitted to the president, who issued the requisite notification.

    The meeting was chaired by Prime Minister (PM) Imran Khan and the attendees included the COAS himself.

    “The army chief’s job is to protect the country’s borders, but last night he stayed at the PM House to get his summary fixed. It’s embarassing,” the top judge reportedly said Thursday as the three-member bench resumed hearing the case.

    He added that it was regrettable how the COAS’s time was wasted because of the incompetence of the government at such a crucial time for national security. “He [Gen Bajwa] had to be there to guide them,” CJP Khosa was quoted as saying.

  • Extension or no extension? All you need to know about Gen Bajwa’s case hearing from Wednesday

    Extension or no extension? All you need to know about Gen Bajwa’s case hearing from Wednesday

    A three-member bench of the Supreme Court (SC), headed by Chief Justice of Pakistan (CJP) Asif Saeed Khan Khosa and comprising Justice Mazhar Alam and Justice Syed Mansoor Ali Shah, has adjourned the hearing of the case regarding the extension in service of Chief of Army Staff (COAS) General Qamar Javed Bajwa until Thursday morning.

    Here are key points of Wednesday’s hearing as the extension of Gen Bajwa, who is set to retire on November 29, hangs in balance:

    • Federal Law Minister Farogh Naseem, who resigned from office on Tuesday to to represent the army chief, submits his power of attorney to the court
    • CJP asks Attorney General (AG) Anwar Mansoor Khan if the government has accepted the points raised by the court on Tuesday. AG says they have not accepted the mistake.
    • “We will hear everyone as it is an important issue. Earlier, this question was never raised and now that it has been brought forward, all legal aspects will be reviewed. We are not in a hurry,” CJP Khosa remarks.
    • “In the past, five or six generals had their tenures extended by themselves and no one questioned them,” Khosa maintains.
    • Top judge comments on government’s reliance on Article 255 of Army Regulations, says the rule applies to officers and not the army chief.

    Following the SC’s suspension of notification of Gen Bajwa’s extension Tuesday, the federal cabinet had met in two sittings led by Prime Minister (PM) Imran Khan and decided to amend Section 255 of the Army Rules, which pertains to “suspension or limitation of retirement”.

    As per the amendment, it will now also contain “extension in tenure” of the army chief. According to Federal Minister Shafqat Mehmood, the amendment is in line with the premier’s intention to grant an extension to Gen Bajwa.

    • CJP rubbishes media reports claiming Gen Bajwa’s case is a suo motu case. Says court is hearing the petition filed by Advocate Riaz Hanif.
    • Justice Shah wonders how an army chief can be reappointed to the office “when he is no longer part of the staff”, to which, CJP once more inquires whether a retired officer can be reappointed.
    • Hearing gets adjourned twice before top court shifts focus to Army Act.
    • CJP emphasises that the court is looking at the rules regarding the tenure of the army chief, not a general; it must understand Army Act before AG’s arguments.
    • “This is a court of law; it is the law we are looking at, not personalities,” He remarks. “If something is wrong as per the law, we cannot say that it is correct. If [the decision] is not correct as per the law, we will give our verdict,” apex judge says.
    • CJP reiterates he is apolitical. “I will never involve myself in any political activities. This sentence is also part of the oath. It is a very good thing to stay away from political activities.”
    • Hearing has been adjourned until Thursday.

    The government on August 19 had reappointment Gen Bajwa, extending his tenure for three years, citing the “regional security environment”. However, on Tuesday, the SC suspended the notification and issued notices to the federal government, COAS through the Ministry of Defence and the Ministry of Law.