In Brief
ECONOMY
Pakistan is ‘over-financed,’ says SBP acting governor
On 19 August, State Bank of Pakistan (SBP) Acting Governor Murtaza Syed during a meeting with top management of the Pakistan Stock Exchange (PSX) said that Pakistan is “over-financed,” thanks to the recently secured USD four billion of additional financing commitments from friendly countries. Further, he stated that the International Monetary Fund programme has guaranteed that the country’s financing needs will be fully met over the next 12 months, claiming, “This will provide an additional boost to Pakistan’s foreign exchange reserves in 2022-23.” (“Pakistan ‘over-financed’: SBP acting governor,” Dawn, 20 August 2022)
Govt revises last fiscal year’s budget deficit after statistical discrepancy surfaces in federal accounts
On 19 August, the Ministry of Finance released the fiscal operations summary in which the federal budget deficit rose to Rs5.61 trillion which is 8.4 per cent of gross domestic product (GDP) in fiscal year 2021-22 that ended on 30 June, against a target of just under Rs4.4 trillion making. The deficit is Rs1.9 trillion or 51 per cent higher than the figures in the fiscal year 2020-21 – the third year of the PTI government. This comes after nearly Rs200 billion statistical discrepancy surfaced in the accounts. (Shahbaz Rana, “Rs198b discrepancy surfaces in federal accounts,” The Express Tribune, 20 August 2022)
Inflation reels weekly increase in SPI, breaks all-time records
On 19 August, Pakistan Bureau of Statistics (PBS) published it weekly Sensitive Price Index (SPI), a stock of 51 essential items from 50 markets in 17 cities across Pakistan. With the Sensitive Price Index (SPI) showing an increase of 3.35 per cent in the week that ended on August 18, the year-on-year increase went up to 42.31 per cent. The previous highest-ever yearly increase was recorded in the week ending on August 5 at 38.63 per cent. During the last week, the price of tomatoes went up by 20.28 per cent, chicken 7.57 per cent, onions 2.30per cent, powdered milk 2.03 per cent, eggs 1.63 per cent, pulse moong 1.42 per cent and potatoes 1.07per cent. As for non-food items, electricity for the first quarter went up by 6.83 per cent, petrol 2.96 per cent, and cigarettes 1.69 per cent.
As for a year-on-year comparison, The prices of pulse masoor increased by 111.02 per cent, diesel 108.77 per cent, petrol 94.53 per cent, onions 94.43 per cent, cooking oil (five litres) 72.96 per cent, mustard oil 71.08 per cent, chicken 69.04 per cent, vegetable ghee (one kilo) 68.56 per cent, vegetable ghee (2.5 kilos) 67.05 per cent, electricity for Q1 63.03 per cent, washing soap 61.92 per cent, pulse gram 58.93 per cent, gents sponge chappal 52.21 per cent, pulse mash 51.51 per cent and garlic 36.59 per cent. Further, the prices of chili powder decreased by 43.42 per cent, sugar 16.55 per cent, and jaggery 1.96 per cent on a year-on-year basis. (Jawad Zulfiqar, “Inflation breaks record as SPI exceeds 42%,” The Express Tribune, 20 August 2022)
National Priority Sectors Export Strategy (2023-2027), a five-year policy launched to achieve growth in exports
On 19 August, as part of the Strategic Trade Policy Framework 2020-25, Ministry of Commerce unveiled NPSES, with a focus on 10 priority sectors, including engineering goods, leather, processed food and beverages, fruits and vegetables, meat and poultry, pharmaceuticals, software development and services, business process outsourcing, logistics and institutional coordination. The International Trade Centre (ITC) is working with the government of Pakistan with financial support from the Foreign, Commonwealth and Development Office (FCDO) of the UK government, through the Revenue Mobilisation, Investment and Trade Programme (ReMIT) to support the development of the NPSES. (Mubarak Zeb Khan, “Export strategy for 10 priority sectors unveiled,” Dawn, 20 August 2022)
Government approves major changes to LNG policy
On 19 August, the Economic Coordination Committee (ECC) of the Cabinet on removed replaced, Article 6.2(a) of the LNG Policy, 2011 with amendments that provide Third-Party-Access (TPA) to new LNG terminals and associated facilities developed by the private sector without any government guarantees or off-take commitments on an optional basis on negotiated tariff with first right of use for terminal developers, operators, and their associated undertakings. The change is to facilitate Qatar’s investment in Pakistan’s LNG supply chain including terminals and LNG supplies. In doing so, it also allowed all LNG terminals, including those already operational, to utilise their spare capacity that is not contracted by the government. As a result, existing gas pipeline capacity for new terminals may be limited. The TPA for the un-used capacity of LNG terminals contracted by public sector entities will be mandatory and regulated by Ogra. (Khaleeq Kiani, “Govt okays major changes to LNG policy,” Dawn, 20 August 2022)
PROVINCES
Khyber Pakhtunkhwa: Two terrorists killed in Mir Ali area of North Waziristan
On 20 August, the Inter-Services Public Relations (ISPR) stated that two terrorist including a commander were killed in an intelligence-based operation in the Mir Ali area of North Waziristan. According to the ISPR, these terrorists were involved in "terrorist activities against security forces, preparation of IEDs and killing of innocent citizens." (“Two terrorists, including commander, killed in Waziristan IBO,” The Express Tribune, 20 August 2022)
Khyber Pakhtunkhwa: Protest against JUI-F against lawlessness
On 19 August, a large number of people attended the protest sit-in arranged by JUI-F in the Bajaur tribal district to urge the authorities to fulfil their responsibility of providing protection to the local residents and maintaining peace. The “peace sit-in” meant to make an urgent appeal for improving the law and order situation by ending the wave of violence against the activists of JUI-F and other parties was started after Friday prayers. They termed such gatherings necessary for bringing improvement in law and order in the district. According to them, the law and order situation had deteriorated over the past several months in the region. (“JUI-F starts protest sit-in against lawlessness in Bajaur,” Dawn, 20 August 2022)
Balochistan: Cash assistance for flood-hit people launched
On 19 August, Prime Minister Shehbaz Sharif launched Rs37.2 billion flood relief cash programme to disburse Rs50,000 cash assistance in two installments among 1.5 million affected families each in the country, particularly in Balochistan where hundreds died and infrastructure was damaged the most by floods amid heavy monsoon rains. Fund are being given through the Benazir Income Support Programme in collaboration with the National Disaster Management Authority and other allied departments. He said that the disbursement of cash would be completed within three days as assured by the NDMA chairman to help rain-hit people afford their food and other immediate needs. (Syed Irfan Raza, “Rs37.2bn cash assistance for flood-hit people launched,” Dawn, 20 August 2022)
Punjab: Police raid at PML- N MNA’s residence
On 20 August, Dawn reported The Punjab police raided the residences of at least a dozen PML-N MPAs in several cities of Punjab after warrants were issued for their arrest for their alleged involvement in the violence witnessed in the Punjab Assembly during the chief minister’s election on16 April. The warrants were issued after Qilla Gujjar Singh police approached a local court in Lahore seeking the arrest of the lawmakers for their failure to join the investigation, despite the issuance of several summonses. (Wajih Ahmad Sheikh, Zulqernain Tahir, “N lawmakers evade Punjab police action,” Dawn, 20 August 2022)
EXTERNAL
Pakistan urges the US release Afghan’s frozen funds
On 19 August, Foreign Office spokesman Asim Iftikhar once again urged the United States again to unfreeze Afghan funds held in New York. He said that these funds should be released urgently and “in a manner that would make it easier for the interim authorities to utilise this money.” Further, he reiterated that Pakistan too wants that the release “shouldn’t be done without strings attached.” (Baqir Sajjad Syed, “Pakistan again urges US to unfreeze Afghan assets,” Dawn, 20 August 2022)
JUDICIARY
Standing Committee observes loopholes in the process for appointment of judges to the Supreme Court
On 19 August, the Standing Committee on Law and Justice of Senate observed loopholes in the process for appointment of judges in the Supreme Court. The committee emphasised on the need for empowering the parliamentary committee for such appointments. The committee’s chairman, Barrister Ali Zafar claimed that the two most important things were transparency and security in the process of appointment and removal of judges. (Malik Asad, “Parliament panel sees loopholes in judges’ appointment process,” Dawn, 20 August 2022)
CJP wonders whether parliament can make self-serving laws
On 19 August, Umar Ata Bandial expressed whether the parliament could be expected to make “self-serving legislation” when it’s in a “transitory period and the elections have to be held”. He observed during the hearing of a challenge by the PTI council in NAO that “We are the guardians of the Constitution and it is not a joyful enterprise for the courts to do legislation instead or show over activism. But we have to protect the Constitution, the constitutional machinery and the rule of law,” (Nasir Iqbal, “Can parliament make ‘self-serving’ laws, wonders CJP,” Dawn, 20 August 2022)
INTERNAL
ECP reveals revealed that four million voters are dead
On 29 August, the Election Commission of Pakistan (ECP) informed the Senate Standing Committee on Parliamentary Affairs that a door-to-door verification of voters in the country in preparation for the upcoming by-polls and the general election 2023 has revealed that four million votes are no longer alive. The ECP secretary said, “More measures are also being taken to verify voters in coordination with the National Database and Registration Authority (NADRA) and improve the Results Transmission System (RTS) used in the elections.” (“Verification reveals 4m voters dead, Senate panel told,” The Express Tribune, 20 August 2022)
MQM warns of reviewing its decision on Sindh LG polls participation
On 19 August, the Muttahida Qaumi Movement Pakistan (MQM-P) in warned that it would review its decision to participate in the upcoming 28 August local government elections in Karachi and Hyderabad in protests over “unjustified delimitation, fake voters’ list and less count of population in the National Census 2017.” MQM-P convener Dr Khalid Maqbool Siddiqui said, “I am here to ask the president, prime minister and those who are guardians of law and Constitution to suggest to us where we should go for justice.” (Imran Ayub, “MQM warns of reviewing decision to participate in Sindh LG polls,” Dawn, 20 August 2022)
|