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No-confidence motion: PM Imran Khan directs NA speaker to summon session on March 21, sources

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  • ources say PM Imran Khan had issued directives to NA Speaker Asad Qaiser in a meeting held in Islamabad.
  • After Opposition’s request to requisite a session, speaker is bound to summon a session within 14 days. 
  • If speaker allows motion to be tabled on March 21, then voting will take place on March 28.

Prime Minister Imran Khan has directed National Assembly Speaker Asad Qaiser to summon the lower house session on March 21, sources told Geo News on Thursday.

Sources, privy to the development, said that the PM had directed the speaker to summon the session on March 21 during a meeting held in Islamabad.

On March 8, the Opposition had submitted a no-confidence motion against Prime Minister Imran Khan in the National Assembly Secretariat. 

A total of 86 lawmakers from the Opposition parties had signed the no-confidence motion, seeking the removal of PM Imran Khan.

On the same day, the Opposition had also submitted a request for requisition of a National Assembly session under Article 54 (3).

Under the Constitution, the speaker had to summon a session of the Assembly within 14 days of the requisition.

If the speaker allows the motion to be tabled on March 21, then the debate needs to take place after three days and before seven days. This would mean that the debate will have to take place by March 25.

After three days of debate, the MPs would be allowed to vote on the motion which would mean the voting would take place on March 28. 

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Business

The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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PTI is given further time by the ECP to provide documents in the intra-party election case.

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Following an intra-party elections case, the Pakistan Tehreek-e-Insaf (PTI) was given an extension by the Election Commission of Pakistan (ECP) on Tuesday to submit its paperwork.

Hearings were held on the PTI intra-party election case before a three-member bench chaired by Sindh ECP member Nisar Durrani.

The Khyber Pakhtunkhwa ECP member questioned who oversaw the PTI elections as it wasn’t an organization.

Regarding the PTI’s recent election, the ECP voiced no objections. Barrister Gohar, the Chief of PTI, replied, “We plan to address a few legal and technical queries given enough time.”

During the raid on the PTI Central Secretariat, he claimed that the police had seized everything, including crucial party records, and that they had not even left a “water dispenser.”

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Business

In interbank trade, the US dollar crushes the Pakistani rupee.

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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